- Ethereum Classic price shows the first bullish momentum.
- Fractal wave theory has been implemented to define a conservative view of the fifth wave. Targets could expand but should target $42 and possibly $47.50.
- The invalidation of the uptrend bias is a breakout of $28.
Ethereum price is showing early signs of a bullish situation. Conservative targets have been identified.
Etheruem price in wave 5?
Ethereum Classic is showing its first bullish momentum since the profit-taking frenzy that came after the weekend rally. The technical data suggests that the fifth wave could be underway, as the volume profile indicator shows a slight increase in downward pressure as the price rises.
The Ethereum Classic price is currently trading at $37.36. A fractal wave of Ethereum Classic’s previous price action has been implemented to outline a conservative wave five outlook. Targets could extend to $50, but a more conservative target suggests 42 and possibly $47.50. Traders should watch out for higher targets as a sharp zigzag drop could be assured after the fifth wave prints.
ETC.USDT 30 minute chart
Invalidating the uptrend with a target of $42 and above is a violation of $28.19. If the invalidation level is breached, the uptrend scenario would be zero and the bears could redirect south towards $19, resulting in a 40% drop from Ethereum’s current classical price.
wire ETC/USDT 2e
In the video below, our analysts take a deep dive into Ethereum’s price action, analyzing the key levels of interest in the market. -Netcost-Security equipment