ETC's Price Movements - Support Levels and Growth Potential
After Ethereum Classic found support in the 20 range, its price gradually advanced towards the resistance range of 22-23. However, upon revisiting this area, a significant negative reaction ensued, likely because it coincided with the upper limit of the channel. Consequently, the support level initially identified in the range of 17.34 to 18.42 is being tested once again. There appears to be a certain level of interaction with this designated support.
To gain further insights, observing the 4-hour timeframe reveals the formation of a descending channel. It would be prudent to monitor the potential breakout of the channel's upper boundary and the resistance range of 20 to 20.50. However, should the current support be breached, the price decline may persist towards the 17 range. Hence, the support level at 17 serves as a more robust reaction zone, offering a possibility of Ethereum Classic resuming its growth trajectory.
To gain further insights, observing the 4-hour timeframe reveals the formation of a descending channel. It would be prudent to monitor the potential breakout of the channel's upper boundary and the resistance range of 20 to 20.50. However, should the current support be breached, the price decline may persist towards the 17 range. Hence, the support level at 17 serves as a more robust reaction zone, offering a possibility of Ethereum Classic resuming its growth trajectory.
💎 We believe that everyone can trade and deserves the opportunity to succeed in the world of cryptocurrency and take advantage of its potential.
🥇Join our free Telegram channel ➜ t.me/monocoin_public
👤Admin ➜ t.me/monocoin_admin
🥇Join our free Telegram channel ➜ t.me/monocoin_public
👤Admin ➜ t.me/monocoin_admin
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.