Ethereum Classic – Top Performer… But What Next?

Based on the previous idea, Ethereum Classic moved up as expected all the way from $8.5 support up to the current price at $33. ETC/USD has made a strong gain of 265% just this month! Indeed a strong growth, and in fact today Ethereum Classic is among the top gainers on major coins which has gained over 30%.

But now ETC/USD approached the resistance at $33, which is a 161.8% Fibonacci retracement level applied to the last corrective wave down from $24 to $8. The Fibonacci resistance is supported by the upper trendline of the extended descending channel.

This, in fact, could be in fact the key decision-making price area which will determine the direction of ETC in the near term future. While brek above should continue the long-term up, rejection of that area should result in a corrective wave down towards $20-25. At this point wait and see approach could be applied in order to avoid extra risk-taking.

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