RATE Group | Ethereum Classic (ETC) Due For Near Term Downside To Complete IH&S
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Ethereum Classic (ETC) Due For Near Term Downside To Complete IH&S

22 Dec Ethereum Classic (ETC) Due For Near Term Downside To Complete IH&S

Posted at 01:41h in Ethereum News by

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Ethereum Classic (ETC) had a good run but the price seems to have run into a strong resistance for the time being. This means that we are likely to see a sharp pullback to lower levels before the rally can resume. For ETC/USD, this means completing the Inverse Head & Shoulders pattern that it is trading in. A retracement will complete the right shoulder for the IH&S which will enable Ethereum Classic (ETC) to pierce through the resistance and rise close to $10. Ethereum Classic (ETC) offers a good risk/reward for long term investors but traders are reluctant to enter long positions just yet because ETC/USD has been rejected strongly at the resistance. The price is expected to retrace below $4 in the days ahead and may settle around $3.6 before continuing upwards.

Near term outlook for ETC/USD does not look good as the RSI is heavily overbought and the price has run into a historical resistance. However, a fall below $4 is not going to be easy this time. That being said, the price…

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