Technical Analysis

Ethereum Classic Shows Support In PlaceJan 10, 2023

Ethereum Classic shows support in place, as we see it forming a bullish setup formation from Elliott wave perspective.

Etherem Classic with ticker ETCUSD made sharp and impulsive recovery already back in June/July 2022. But, since August 2022, we can see it making an A-B-C corrective pullback, which gives us a nice bullish setup formation at the beginning of 2023. We can actually already see it bouncing after a completed ending diagonal (wedge) pattern within wave C, however, to confirm bulls back in play, we need to see it back above 30 first bullish evidence level. Invalidation level remains at 12.47 lows.

Ethereum Classic Shows Support In Place ETCUSD Daily Chart
ETCUSD Daily Chart

One of the main reasons why we think that ETC can be supportive is ETCG (Ethereum Classic Grayscale Investment Trust). We can see sharp and strong rebound away from the lows after a completed five-wave cycle within wave C, which suggest that bottom is in place, but keep in mind that first bullish evidence is only above 9 level.

Ethereum Classic Shows Support In Place ETCG Daily Chart
ETCG Daily Chart

Technically speaking, if ETCUSD and ETCG manage to face bigger recovery in upcoming days, back above channel resistance line and projected first bullish evidence levels, then we can easily confirm a bullish reversal.

All the best in 2023!

In case if you missed our live webinar on tradingview, you can watch a recording HERE


Any reviews, news, analysis, prices or other information contained on our website is provided as general market commentary and delivered electronically through a distribution channel to larger number of clients, therefore does not constitute investment advice or investment research. We are not trading advisors. Most of our work is for educational purposes only, with information based on Elliott Wave theory in real time. Trading forex, futures, options, stocks, cryptocurrenices or any another trading market carries a high level of risk, and may not be suitable for all investors.

The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information that we provide should not be relied upon as a substitute for extensive independent research before making your investment decisions. In no event will we be liable for any loss or damage on your account in connection with, the use of our products. For any real cash investments you have to contact your financial advisor.

Any information or material contained on our website is owned by Val Global d.o.o.. Reproduction is prohibited without Val Global d.o.o. prior license in writing.

By continuing to use the site, you agree to the use of cookies. Learn more.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.