(Tony M. – FXStreet)
– Ethereum Classic consolidates within a weekly demand zone.
– ETC price replicates a forecasted fractal wave from previous outlooks.
– A breach of $36 could promote a free-fall decline targeting $22.
Ethereum Classic price may be demonstrating a topping pattern based on technical indicators and fractal wave theory.
Ethereum Classic price follows suit
Ethereum Classic price currently consolidates near a weekly zone as the sellers appear to have faded away on the Volume Profile indicator. A significant bearish divergence accompanies the new weekly high at $45.71 on the Relative Strength Index.
Ethereum Classic price currently trades at $40.93. Earlier this month, a fractal wave from a previous Ethereum Classic bullrun was utilized to forecast how an additional wave up could look following ETC’s 200% rally since June. Currently, the Ethereum Classic price is following the fractal as the profit-taking consolidation could be early evidence of a topping pattern formation.
ETC/USDT 1-Day Chart
If the technicals are correct, the $36 supportive barrier breach could be the sell signal bears are looking for. Bearish targets lie at $28 and $22, resulting in a 47% decline from the current Ethereum Classic price.
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. – FXStreet Team