See More

Ethereum Classic Breaks Out, Could Reach 75,000 Satoshis [Premium Analysis]

2 mins
Updated by Max Moeller
Join our Trading Community on Telegram
The Ethereum Classic (ETC) price has increased by 20 percent over the past two days. This is likely the beginning of a new upward move, with an intermediate target of 75,000 satoshis.
The Ethereum Classic price had been trading near 50,000 satoshis for the majority of November and December. After a failed attempt at initiating an upward move, the price was successful in doing so on December 26. Cryptocurrency trader @CryptoNTez stated that the Ethereum Classic price has reached his first target at 64,000 satoshis. He states that a flip of the resistance at this level would cause the price to increase towards 73,000 satoshis. Let’s take a closer look at price movement and see how likely this upward move is to transpire.

Descending Resistance Breakout

The Ethereum Classic price had been following a descending resistance line since August 19. The price broke out on December 12 and validated the resistance line afterwards on December 18. It began an upward move the next day. While volume was small initially, it picked up afterwards. We suggested this increase might occur in our previous article, where we discuss the long-term ramifications of this upward move. ETC Breakout

Ethereum Classic’s Elliott Waves

The movement after the breakout could follow a five wave Elliott formation. The first wave was small, with volume being slightly above average. The ensuing retracement was the corrective second wave. Currently, it seems that we are in the midst of the third wave — which, as stated in the tweet, could reach 75,000 satoshis if it reaches a successful close above the current resistance area. ETC Elliott Wave Besides the reasons outlined in the long-term article, one other reason why we think this was the beginning of a new market cycle comes from the daily moving averages (MAs). The Ethereum Classic price has moved above both the 100- and 200-hour MAs. We would not be surprised if it retraced slightly, in order to find support above the 200-hour MA and the previous resistance level — which it would flip as support. ETC Daily Movement In the short-term, the ETC price is following an ascending support line, which coincides with the support area outlined. Also, the bearish divergence inside the resistance area supports a price decrease. Therefore, we expect to see a price decrease towards the ascending support line before resuming its upward trend. ETC Short-Term To conclude, the ETC price has likely begun an upward move. After a small retracement, we expect it to reach 75,000 satoshis.
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin-Tahiri.jpg
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored