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Ethereum Classic (ETC) has made a good run, but the price seems to have stumbled into strong resistance for the time being. This means that it is likely that we will see a sharp retreat to lower the levels before the rally can resume. For ETC / USD, this means completing the Inverse Head & Shoulders model on which you are operating. A retracement will complete the right shoulder for IH & S, which will allow Ethereum Classic (ETC) to overcome resistance and approach $ 10. Ethereum Classic (ETC) offers a good risk / reward ratio for long-term investors. term, but traders are reluctant to enter long positions precisely because ETC / USD has been forcibly rejected to the resistance. The price should return below $ 4 in the next few days and could stabilize around $ 3.6 before continuing to high.
The short-term outlook for ETC / USD does not look good as the RSI is heavily overbought and the price has met with historical resistance. However, a fall below $ 4 will not be easy this time. That said, the price is unlikely to rise without first falling below $ 4. It may take a while before ETC / USD breaks under the key supports to form the right shoulder, but it's still intended to happen. Ethereum Classic (ETC) has a very low probability of overcoming the current resistance at this point. This means that over the weekend, we will see prices returning to open the way for IH & S. This will allow ETC / USD to gather momentum to overcome resistance and reach higher levels.
Chart for ETC / BTC (1D)
Many members of the crypto community were surprised to see Ethereum Classic (ETC) down to such low levels given its strong fundamentals, but then again we saw all sorts of things happening in this bear market. For example, there was the hash war between two groups that broke up Bitcoin Cash (BCH). Most cryptocurrencies have been hit very hard by the bear market. In comparison, Ethereum Classic (ETC) managed to do much better. Had it not been for the recent infighting that saw the closure of ETC Dev, we may have never seen Ethereum Classic (ETC) fall below $ 5. That said, this is a gold opportunity for people who believe in the long-term future of Ethereum Classic (ETC) to accumulate at bargain prices.
Of course it will not be easy because fear and uncertainty are at their best. A lot of people are worried that Ethereum Classic (ETC) will be able to achieve its goals in the absence of ETC Dev. After all, it was ETC Dev who saved Ethereum Classic (ETC) from becoming a dead currency after the Ethereum fork (ETH). There is also a strong likelihood that many members of the Ethereum Classic (ETC) community will not be satisfied with ETC Labs' new leadership and may cash in to invest in other projects. The risks are high, but so are the advantages.
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