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Will the Bulls defend the $ 4.28 handle to prevent ETC from falling further?

  • Support in progress: $ 4.28, $ 4.00, $ 3.85, $ 3.59, $ 3.38, $ 3.00.
  • Forward Resistance: $ 4.59, $ 4.89, $ 5.00, $ 5.90, $ 6.59, $ 6.94, $ 7.48, $ 8.61, $ 9.28, $ 10.00.

Latest Ethereum Classic news

At the beginning of the month, it was Ethereum Classic a victim of a 51% attack after Coinbase discovered that 88,500 ETCs were falsely deposited in the OKEx cryptocurrency exchange.

Price analysis ETC

Ethereum Classic saw a small price increase of 1.75% in the last 24 hours of trading. The cryptocurrency is now trading at a price of $ 4.40, at the time of writing, after suffering a small price drop of 2.57% over the last 7 trading days.

Ethereum Classic is now ranked 18th and currently holds a market capitalization value of $ 471 million. The 30-month project has now seen a 54% fall in prices over the last 90 trading days.

ETC / USD price

Analyzing the ETC / USD market from the daily chart above, we can see that the price action has slipped below the support area previously highlighted at $ 4.35 (drawn in purple) and has continued to decline until it reaches further support below a medium-term downside 1.618 Fibonacci extension level (blue track) priced at $ 3.38 at the beginning of December 2018.

The market continued to show up during the month of December 2018, but met resistance at the bearish level .382 Retrosplation of FIbonacci (drawn in red) for the price of $ 5.90. This Fibonacci retracement is measured from the November 2018 high to the minimum observed in December 2018.

Price action was not able to overcome this resistance area and proceeded to roll over and fall. The market then continued to decline until short-term support was achieved. 618 Fibonacci Retracement level (drawn in green) for $ 4.28.

Trend: neutral

The recent rebound at $ 4.28 blocked the previous short-term downtrend. However, if the market falls back below $ 4.28, we can consider that the market has returned to a bearish trading condition.

In order for this market to be considered bullish, we would need to see the price action exceed the $ 6.00 handle.

Where's the support below $ 4.28?

If sellers manage to push ETC / USD below $ 4.28 and continue below $ 4.00, we can expect further short-term follow-up support .786 and .886 Fibonacci Retrospective levels (plotted in green) for $ 3.85 and $ 3.59, respectively.

If the market goes further down, more support is found at the previous downside 1.618 Fibonacci (drawn in blue) for $ 3.38.

Where is the resistance to the high?

Alternatively, if the bulls are able to regroup and begin to push higher the price action, we can expect the higher initial resistance to be found at the short-term Fibonacci retraction levels .5 and .382 (drawn in green), priced at $ 4.59 and $ 4.89 respectively.

If they can continue to rise above the $ 5.00 handle, a further resistance is found at the Fibonacci .382 retracement level (drawn in red) for $ 5.90.

If the bullish pressure causes ETC / USD to break above the $ 6.00 handle, we can expect the above resistance to be located on the shortterm 1,272 and 1,414 Fibonacci extension levels (plotted in orange) priced at $ 6.59 and $ 6.94, respectively.

The resistance above this can be found at the Fibonacci .618 retrace level (drawn in red) for $ 7.48. This area of ​​resistance is further strengthened by the short-term Fibonacci 1.618 extension (drawn in orange) with price in the same area.

ETC / BTC price

Taking a look at the daily chart above for ETC / BTC, we can see that the market declined in November 2018 and continued to decline until medium-term downside support 1.414 Fibonacci Extension (drawn in purple) was reached at the price of 97,244 SATS during the first phase of December 2018.

After reaching this level of support, the market continued to rebound and started to travel higher. However, towards the end of December 2018, ETC / BTC met resistance at the downward level of .786 Fibonacci (drawn in red) at a price of 142,012 SATS.

The price action has not been able to overcome this area.

With the start of trading in 2019, the market declined until support was achieved in the short term. 618 Fibonacci Retracement level (drawn in green) priced at 115.069 SATS.

Trend: neutral

Currently, the trend is a neutral commercial condition, even if it is on the verge of becoming bearish. If the price action breaks below 115,000 SATS management, we can consider the market again short-term bearish.

Where is the support under the market?

If the price action continues to decline, we can expect immediate short-term support. 618 Fibonacci retracement level (drawn in green) at a price of 115.069 SATS.

If the sellers drive the price below the commitment of 110,000 SATS, more support is found in the short term .786 and .886 Fibonacci retracement levels (traced in green), at the price of 107.077 SATS and 102.320 SATS, respectively.

If bears continue to drive the market below the 100,000 SATS commitment, there is more support for the previous 1.44 Fibonacci Extension (designed in purple) at a price of 97.244 SATS.

Where is the resistance above the market?

If buyers gather and start pushing prices higher, immediate resistance is found at the short-term Fibonacci retraction levels .5 and .618 (plotted in green), with a price of 120.682 SATS and 126.2996 SATS.

A further resistance above this will therefore be foreseen at the downward level of Fibonacci .618 (drawn in red) at the price of 132.441 SATS.

If the bulls break above the 140,000 SATS handgrip, we can expect greater resistance to the bearish levels of .826 and .886 of FIbonacci (drawn in red), with a price respectively of 142,012 SATS and 147,709 SATS.

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