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Ethereum Classic retraces to key support – Will bulls prevail?

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ETC bulls lost little ground on the lower timeframe after hitting a key supply area. Will this short-term support offer reprieve?

has struggled to clear the $30.8k-resistance, setting it up for range extension above $30k for the past few days.The retracement briefly breached the $20-support before the bulls came out to defend it. At the time of writing, ETC’s price was $20.21.

Back to the ETC’s 4-hour chart, below the short-term support, lays an FVG – a price action imbalance between $18.1 – $19.4 . Most often, price action always fills these imbalances before continuing with the trend direction. So, the $18 – $20 zone can act as a solid bullish area.

 

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Ethereum traders should be cautious as bears threaten another retracementThe 2-hour chart showed that Ethereum had a bullish market structure, but the lowered volatility over the weekend meant the $1930 resistance stood firm.
Source: CryptoAmb - 🏆 22. / 68 Read more »