ETC Technical Analysis
Ethereum Classic is trading within a narrowing triangle pattern on the daily timeframe. The upper border of this triangle formation has been tested three times so far, yet the price can’t break above it successfully, which suggests that this zone stands as a strong resistance. Therefore, it is possible that the price will retreat to the lower border of this pattern around $17.00 if it can’t break above this mentioned strong resistance area. In case of a pullback, we have the first support level of $16.65. Above this support, the technical outlook seems promising for the future. We should be following the strong lower support level of $15.79 in case of a deeper correction.According to the rise scenario, the first major target area could be $25.79–$27.07 if the price can break above the triangle pattern’s upper border. What’s more, this region saw strong sell pressure in the past, so we may see some profit realization here. However, if this level gets also broken upwards, the level of $31 seems possible.
Summary:
- Third test within the triangle formation.
- The price may drop to around $17.00 unless there comes a breakout.
- Above the level of $16.65, technical outlook is positive.
- In case of an upward breakout,→ First target: $25.79 – $27.07→ Middle-term target: $31.00
- Lower support levels:→ $16.65→ $15.79
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, traders are responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
