After weeks of relentless consolidation in a range-bound market, the Ethereum Classic (ETC) finally made its first northward stride by storming past key resistance level of 4.50. Before the celebration could even begin, price has approached yet another critical hurdle at 4.75 that could halt further advancement for the comeback kid. From the current market outlook, we anticipate to see a bottom retest at 4.50 soon. If this resistance-turned support level could hold off the decline, then ETC's next target would likely be the next psychological resistance level at 5.00. Conversely, a sustainable breach below 4.50 would set course for 4.00 where more buyers are waiting.
Trade closed: target reached
The actual trend played out as expected.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.