Ethereum Classic could get rejected by key resistance and plummet to $35

By September 23, 2021Ethereum
Click here to view original web page at
  • Ethereum Classic price fails to breakout above key resistance levels that would confirm a new bullish expansion phase.
  • A continuation move lower towards $43 is likely, with a deeper move expected near the June lows around $35.58
  • Bears maintain directional control in the interim.

Ethereum Classic price experienced an impressive 12% gain on Wednesday, with the close equalling the daily high. However, despite the impressive rally, bulls failed to crack above any resistance levels that would yield clear guidance that a resumption of higher prices would continue.

Ethereum Classic price still under bearish control, initial target at $43 with $35 in crosshairs

Ethereum Classic price ran up against some considerable near-term resistance on Wednesday. Bulls got stopped against the daily Tenkan-Sen and 38.2% Fibonacci retracement in the $50 value area. With resistance likely to be confirmed at the psychological $50 level, bears are likely to come back and control this market.

The near-term target for bears is the 100% Fibonacci expansion level at $43. However, if Ethereum Classic price reaches that level, the Chikou Span will move below the Cloud. That will ultimately bring Ethreum Classic into the single most bearish condition within the Ichimoku system it has been in since May 2021. The expected support zone below $43 would be the high volume node and 161.8% Fibonacci expansion at $35.58.

ETC/USDT Daily Ichimoku Chart

Bulls will need to perform a miracle to change the current bearish outlook. For there to be a clear bullish outlook, Ethereum Classic price must close above all the following resistance levels:

  1. 38.2% Fibonacci retracement ($52.17)
  2. 50% Fibonacci retracement ($60.51)
  3. Tenkan-Sen ($50.00)
  4. Senkou Span B ($57.75)
  5. Kijjun-Sen ($61.15)
  6. Senkou Span A ($66)
  7. 2021 Volume-Point-Of-Control ($58)

Like this article? Help us with some feedback by answering this survey:

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

All Today's Crypto News In One Place