Ethereum Classic Price Analysis: A true breakout vs. the ultimate bull trap

Ethereum Classic Price Analysis A true breakout vs. the ultimate bull trap
  • Ethereum Classic price rallied 15% on Monday, September 5.
  • The volume profile shows an uptick in bullish transactions, but the ETC still needs significant levels to hurdle.
  • Invalidation of the bearish this is a breach above the swing high at $45.35.

Ethereum Classic’s recent price hike  could be a sucker’s rally. Missing out on the first 22% increase could be worth avoiding a heap of pain.

Ethereum Classic is at it again

Ethereum Classic price is enticing bullish traders yet again. As speculation and optimism linger in the air over the upcoming Ethereum Merge, Ethereum classic enjoys a nice pump on intra-hour time frames as a result.

Ethereum Classic price auctions at $38.50. As the London session bell rang early morning, the bulls charged through the doors printing a large bullish engulfing candle on the 1-hour chart. Ethereum’s classic price saw a 10% rise and has since been treading upwards for an additional 5% as the momentum is cooling. 

Traders looking at the ETC price know what Ethereum Classic is capable of. During the summer, the bulls successfully rallied 200% in just a few days, blowing past all technical targets. The likelihood of the FOMO rally’s continuation should not be ruled out.

ETC/USD chart

Nonetheless, this thesis proposes the idea that the Ethereum Classic has topped and truncated already near the 45-dollar high. Missing out on the first 22% increase might be the safer play. If the bulls can breach $45.35, they could induce a rally targeting $90, resulting in a 100% increase from today’s market value. 

On the contrary, if the bulls never re-attempt the $45 zone, the current 15% rally could be just a sucker’s rally in retrospect. The ETC price points to targets at $19, where the 200-week moving average remains untested since the summertime bull runs initial breach. 

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Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.