ETCUSD Is Moving Into A Support Area

6 thg 3, 2023

ETCUSD can be ready for more upside as market can be forming a new bullish setup formation based on Elliott wave theory.

Ethereum Classic with ticker ETCUSD made an impulsive five-wave recovery since December 19th of 2022, when we spotted a completed ending diagonal/wedge pattern within wave C of an A-B-C correction. A five-wave recovery indicates a change in the trend from Elliott wave perspective, so be aware of more upside in March.

We can see that price is currently nicely slowing down, making a three-wave (A)-(B)-(C) correction for wave 2 after we noticed a five-wave rally into wave 1 from the previous lows. So, keep an eye on strong support here around 19-17 area, from where we expect a bullish continuation above 25.10 while price is above 14.80 low. So as long this level is not breached we expect a new turn up.

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