RATE Group | ETH/USD bears flip the bulls, target shifts to $5
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ETH/USD bears flip the bulls, target shifts to $5

25 Jan ETH/USD bears flip the bulls, target shifts to $5

Posted at 05:14h in Ethereum News by

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  • Ethereum Classic’s downtrend from yearly high at $12 eyes $5.0 especially if $8.0 support gives in.
  • Grayscale’s Ethereum Classic Trust is one of the largest holders of Ethereum Classic.

Ethereum Classic is facing the ultimate correction following a massive bull-run that had it hit January highs around $12 from December lows at $3.41. The persuasive urge upwards has, however, ended in losses due to a lack of rock-solid support zones. For instance, initial support by the 61.8% Fibonacci level highlighted from the previous high at $12 to a low at $4.27 failed to stop the decline.

Ethereum Classic continued with the slide under the trendline support as well as the 50 SMA on the 4-hour chart. The 3.46% loss on Friday is seeking support at the 50% Fibo (marginally above $8.00). It is essential that the bulls keep the price above this zone to avoid a possible dive to the support at $5.0.

Technical analysis shows that the price is in the hands of the bears. The…

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