Ethereum classic technical analysis: potential long opportunity as Price surpasses Oct 2022 high

March 03, 2024 02:06 AM AEDT | By Invezz

Ethereum classic technical analysis: potential long opportunity as Price surpasses Oct 2022 high — Image source: Invezz

ETC/USD trading strategy

Buy/sell asset: Buy ETC/USDT
Entry price: 26.37
Stop loss: 22.93
Leverage: 1x
Take profit 1: 30.0
Take profit 2: 35.0
Take profit 3: 40.12
Timeframe: 1-2 weeks
Maximum profit: 52%
Maximum loss: 13%

ETC/USDT chart and technical analysis

Ethereum Classic is in a bullish trend and the price has recovered almost 38% since the last week. The price also broke the previous high of 32.46 today and will likely reach 40.14 daily resistance in the coming day. The price also reached the Oct 2022 high recently.

The price can make a correction from the recent rally and will likely retrace back to the 26.37 support level before heading for new highs. The 26.37 is a key support level as it is around the 0.618 Fibonacci level and there is also a bullish order block around the same level.

I am considering the 26.37 support level for long entries as it is a key level with multiple bullish confirmations and my recommended target for this trade is the 40.14 resistance level

Ethereum Classic fundamental analysis

Fundamentally, the investors’ confidence is high and the price has the potential to make further gains and recover from the years-long drop.

Ethereum classic to Tether trade idea takeaways

ETC/USDT recently broke above the previous high of 32.46.
The price is likely to reach the 40.12 resistance in the coming days.
Multiple take-profit levels have been added to secure profit along the way.
The risk-to-reward ratio on this trade is 1:4.
The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
Good luck!

The post Ethereum classic technical analysis: potential long opportunity as Price surpasses Oct 2022 high appeared first on Invezz

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