RATE Group | ETC/USD double top pattern correction in action
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ETC/USD double top pattern correction in action

28 Jan ETC/USD double top pattern correction in action

Posted at 06:50h in Ethereum News by

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  • Ethereum Classic bulls held hostage under $11.00 and the critical double-top pattern.
  • ETC/USD technical levels align for a tentative sideways trading trend in the short term.

Ethereum Classic happens to be struggling with increased selling activity after the surge on Monday ran into a wall at $11.00. Interestingly, it has managed to hold to 10% gains accrued in the last 24 hours. However, on a daily basis, it trading only 0.86% higher. The cryptocurrency live rates show the prevailing trend is bearish while the volatility is low.

The snag at $11.00 has formed a double-top pattern whose impact is resulting in the retracement witnessed on Tuesday. ETC/USD is doddering at $10.51 at the time of writing. If declines progress under $10,00, there is a chance that Ethereum Classic could dive to the first support provided by the 61.8% Fibo taken between the last swing high of $11.98 to a swing low of $4.29.

Also in line to offer support when the need comes is the 50…

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