Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. ETC’s range highs were tested, but a breakout was not confirmed at press time. Market structure remained bullish. Bitcoin [BTC] traded at $24.6k at the time of writing. It faced strong resistance at $25.2k. […]
Ethereum Classic’s [ETC] Price PredictionHowever, from a price perspective, it was possible that ETC would retrace a large portion of the gains it made over the past week. This was because the $24 area has posed stiff resistance over the past month.Since mid-January, Ethereum Classic has traded within a range between $20 – $24, with the mid-point at $22. The price has respected all three levels in recent weeks. At press time, ETC traded at $23.5, close to the range highs at $24.
However, from a risk-to-reward point of view, it was not feasible to buy ETC at $23.5. An H4 market structure break would occur on a drop below $22, the mid-range mark. On the other hand, since $24 is a significant level of resistance, short sellers can wait for an opportunity.
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