Ethereum Classic (ETC/USD) has corrected from its high of $ 65, which it reached earlier this month, to the $ 48 mark. This is a price drop of almost 30%. Now the coin is trading on its lowest trendline. previously, he had changed his direction at this price level. Investors expect a reversal soon, as the RSI chart is oversold. However, you should be patient and not get in early, as ETC could still fall below this level.
ETC rebounded earlier this month as investors linked it to Ethereum (ETH/USD), which hit a new all-time high. However, investors should be careful, since ETC is not as strong as Ethereum.
Should you buy the dip in ETC?
Here’s what the charts indicate:
ETC has formed a symmetrical triangle and has now reached the lowest trendline. ETC has taken this support several times in the last week. However, ETC needs to start moving up, as the support gets weaker every time it tests it.
ETC has also formed a double bottom on the support with an RSI divergence, indicating a reversal in the near future.
The RSI is also in the oversold area, but has started to move upwards, which shows that the banks are slowly returning to the ü.
Investors should be careful, as ETC can collapse at any time and a long entry should only be made if there is a significant reversal. In addition, long entries below the trend line should be avoided.
A target of $ 61 can be set. If a breakout is seen in the coming weeks, it could even reach $76.
A stop loss can be set below the trend line.
Can Ethereum Classic overcome the crucial $48 mark? appeared first on Coin Hero.