🔥🔥🔥 #EthereumClassic price tops out with a 15% correction likely underway for $ETC
Ethereum Classic (ETC) surged 70%, but signs of buyer exhaustion and profit-taking emerged, suggesting a potential 15% pullback to the key Fibonacci level at $24.78. The approval of Bitcoin ETFs boosted ETC, benefiting from the capital shift from $BTC to altcoins.
ETC's #RSI at 76 and breach of the upper Bollinger band signal overbought conditions, supporting a correction. The correction aligns with the mean reversion concept, anticipating a retreat from a significant price deviation.
A decline below the 78.6% Fibonacci level at $28.10 may lead to further drops, testing the crucial 61.8% level at $24.78. A worst-case scenario involves falling below the 50% Fibonacci level, challenging the Bollinger centerline at $21.91 and potentially reaching the 38.2% level at $20.11 or the 23.6% retracement at $17.22.
On a positive note, the Awesome Oscillator's upward movement and green histogram bars suggest #bullish momentum, which, if sustained, could drive ETC to record higher highs above $32.29. A decisive close beyond this level would invalidate the bearish outlook.
Source - fxstreet.com