The Fibonacci retracement level has served as solid support for ETCThe breakout past the $15.55 resistance last week occurred on heightened trading volume. The Ethereum Classic’s move past $17 saw this volume increase massively. However, in the past four days the bullish momentum has begun to waver.
This showed that a pullback was around the corner. A set of Fibonacci retracement levels were plotted based on the rally. It showed the 50% and 61.8% retracement levels at $17.06 and $16.43. Hence, these are the short-term support levels ETC bulls can watch out for. The RSI was at 48, showing neutral momentum. The CMF climbed past +0.05 to indicate rising capital flow into the ETC market. If Bitcoin can also climb back above the $31k mark, Ethereum Classic would likely follow. The 23.6% extension level at $21 presented a viable target. Meanwhile, invalidation would occur upon a drop below the $16.43 mark.On 28 June, roughly 20 hours before the time of writing, Ethereum Classic tested the 50% retracement level at 17.06.
The spot CVD was also in a downtrend. If these metrics were flipped into an upward trend and ETC prices surged as well, it would be a strong sign of bullish intent.
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Source: CryptoAmb - 🏆 22. / 68 Read more »
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