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ETC does not seem to be talked about much lately, but during this 2019 bull market Ethereum Classic has gained over 160% in value from the 2019 lows. Can etc reach back to double digits? Let dive right in.
Highlights
- ETC completed first mini cycle
- Elliott Wave forming, in wave 3
- Target of $10.40
- Possible entry at $8.60 after retrace
Starting off with a 4-hour chart we are able to see ETC entering its bullish phase. At the start of April, we can see a mini 1-month long cycle that completed within ETC, that ended higher than its start, indicating the bullishness that lies ahead.
In mid-May, we saw the first impulse wave that is kicking off the newly forming Elliott Wave structure. Before we can plot out the possible wave structure, we first have to pull up our Fib tool and measure this first impulse wave from its low to its high. Straight away we see that the first wave retraced a perfect 61%, that a good bullish sign!
Flipping the Fib tool over now and measuring from high to low, we are able to see possible future expansion levels. We can already see that the 127% line has drawn some attention, with ETC now hovering around it. Since we have our fib lines, we are now able to plot out the Elliott Wave structure.
We can see that we are currently in wave 3 of the 5 wave structure, and we know that wave 3 is not allowed to be shorter in length than wave 1, which it still is. This gives us confidence that it will reach the next fib line around $10.40 and complete wave 3. Once we’ve reached the 161% fib line, we expect wave 4 to retrace to near the top of wave 1, around $8.50.
ETC/USD chart provided by Tradingview
Ethereum Classic is looking strong and will likely continue this rise until it reaches $10.40. The roughly 17% dump that will follow will provide us with a good entry for the impulse wave to come.
Are you looking at altcoins while Bitcoin makes it way to $6k, or is Bitcoin not done yet and will push us to that $10k mark? Let us know what you think in the comments below!
Disclaimer: Keep in mind this not investment or trading advice, just the opinion of our analysts. As always, do your own research, make your own decisions.