Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
- Ethereum Classic [ETC] hit a key price ceiling zone in 2023
- More long positions liquidated on the lower timeframe
Ethereum Classic [ETC] noted a sharp retracement after hitting a key price ceiling area just below $24. So far, the highest ETC has climbed in 2023 is $24.95 on 4 February. The stretch between $23 – $24 has been a key supply area in Q1/Q2 2023, exposing ETC to pullbacks whenever the price forayed into the area.
Read Ethereum Classic [ETC] Price Prediction 2023-24
Meanwhile, Bitcoin [BTC] has struggled to clear the $30.8k-resistance, setting it up for range extension above $30k for the past few days.
Will the 420 support level hold?
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.
The $20-price level was a key support in January and February 2023 when zoomed out on the daily chart. Similarly, the $23 – $24 zone was a supply zone on the daily charts.
Back to the ETC’s 4-hour chart, below the short-term support, lays an FVG (Fair Value Gap) – a price action imbalance between $18.1 – $19.4 (white). 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.
So, a rebound from the support area could set ETC to retest the supply area of the $23-2
Go to Source to See Full Article
Author: Suzuki Shillsalot
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
