ETC/USDT technical analysis: forecasting a potential decline near resistance

By: Invezz

December 01, 2023 at 00:27 AM EST

ETC/USDT trading strategy

Buy/sell asset: Sell ETC/USDT
Entry price: $19.40
Stop loss: $20.11
Leverage: 1x
Take profit 1: $18.50
Take profit 2: $17.60
Take profit 3: $16.72
Timeframe: 1-2 weeks
Maximum profit: 13.81%
Maximum loss: 3.66%

ETC/USDT chart and technical analysis

Ethereum Classic is dropping after it made a new higher high around 21.8 level. Since then the price of ETC/USDT has dropped by 19% and will likely drop further in the coming weeks.

Currently, the price is making correction and will possibly retest the 19.40 resistance level. I am considering this level for a sell entry and my target for this trade is 16.73 support level.

Overall the market structure is now bearish, the price is making lower lows and the rally of the overall crypto market has slowed down. I am expecting further drops in the future.

ETC/USDT fundamental analysis

Fundamentally, the overall trend in the crypto market is not very encouraging. Most of the crypto pairs are either dropping or ranging.
Moreover, hackers stole about $363M in November, the worst month so far.

Ethereum classic to Tether trade idea takeaways

The price of ETC/USDT will possibly drop to the $16.74 support level in the coming days.
The price will possibly reach the $19.40 resistance level before the drop.
Multiple take-profit levels have been added to secure profit along the way.
The risk-to-reward ratio on this trade is 1:3.7.
The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
Good luck!

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