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.
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.
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!
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