- Ethereum Classic price shows the first impulse move up.
- Fractal Wave Theory has been implemented to outline a conservative wave five outlook. Targets could extend but should target 42 and possibly $47.50.
- Invalidation of the uptrend bias is a breach of $28.
Ethereum price shows early evidence of conitustion to the upside. Conservative tartgets have been identified.
Etheruem price in wave 5?
Ethereum classic shows a first impulse move up since the profit-taking frenzy occurred post weekend rally. The technicals suggest wave five could be underway as the Volume Profile Indicator shows an uptick in bearish pressure while the price ascends.
Ethereum classic price currently trades at $37.36. A fractal wave of Ethereum Classic's previus price action has been implemented to outline a conservative wave five outlook. Targets could extend towards $50, but a more conservative target suggests 42 and possibly $47.50. Traders should be cautious around the higher targets as a sharp zigzag decline could ensure after the 5th wave is printed.
ETC.USDT 30-Min Chart
Invalidation of the uptrend targeting $42 and higher is a breach of $28.19. If the invalidation level is breached, the uptrend scenario would be void, and the bears could reroute south towards $19, resulting in a 40% decline from the current Ethereum classic price.
ETC/USDT 2nd Target
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team