Ethereum Classic (ETC) – Could improve further in the short-term

Ethereum Classic (ETC) – Could improve further in the short-term

Posted on Wednesday, November 23 2022 at 8:54 pm GMT+0000

Ethereum Classic (ETC) staged an impressive rebound in the last few sessions and erased the previous week’s losses to confront the Ichimoku cloud and the neighboring 38.2% Fibonacci resistance fan stretched from the November 6th peak.

There is some speculation for additional bullish sessions in the short-term given the positive intersection of the Ichimoku lines. Additionally, the oscillators are sending some encouraging signals. The Awesome Oscillator sailed into the positive waters while the ROC crawled above the zero mark.

Following a jump above the 38.2% Fibonacci speed resistance fan, another battle could take place immediately around the November 15th intraday peak at 20.90. A firm breach here will likely attract additional buyers lifting the price towards the area linking the 61.8% Fibonacci speed resistance fan and the November 10th high around 22.30 – 22.92.

Noteworthy, the stochastic just completed a negative crossover in the overbought area warning that bulls may soon run out of fuel. This, combined with the flat Ichimoku lines, is raising the odds for some downside movements at the moment.

However, for the sellers to re-enter the game, they should first steer the price beneath the Ichimoku lines currently residing around 18.82 – 18.69. In such a case, the spotlights will immediately turn to the last week’s low of 17.14. Breaching that base too, the next stop could be near the July 8th peak of 16.35.

Overall, Ethereum Classic improved remarkably in the short-term but is now testing an important resistance zone. Only a jump above 20.90 will raise optimism that the recent recovery could get new legs.