Bitcoin has been consolidating around the $23k area, with a bullish bias but a potential dip toward $22.4k. Similarly, Ethereum Classic (ETC) has a higher timeframe bullish bias, but in the near term, only three levels are important. Bulls and bears have been skirmishing at the range boundaries, and a breakout toward $26 has not yet been seen for ETC.
Traders can look for opportunities within the range, but the mid-point of the range means that the risk to reward ratio is not favorable. This raises the question of whether Ethereum Classic bulls should wait for a dip to the range lows. The range for ETC is currently $20 to $23.88, with the mid-point at $21.94. These three levels have been important over the past two weeks and lower timeframe traders can look to long a revisit of the range lows and short a test of the range highs.
It’s worth noting that even though Ethereum Classic has a higher timeframe bullish bias, the price action of the past two weeks has indicated consolidation. It’s uncertain whether there will be a breakout past $24 or a reversal beneath $20 yet. Indicators such as the 4-hour RSI and CMF are neutral, meaning that taking a position, long or short, at this level could be risky without significant momentum and volume on lower timeframes such as 1-hour or lower.
One important thing to keep in mind is the current worth of ETC, how much 1, 10, 100 ETC is worth today. This can give traders a better understanding of their potential gains or losses.
As far as Ethereum Classic’s price prediction for 2023-2024 is concerned, it’s difficult to make any predictions with certainty, but it’s important to pay attention to the levels mentioned above, and keep an eye on the indicators as they can provide valuable information for making trading decisions.
In conclusion, while Ethereum Classic has a higher timeframe bullish bias, traders should be cautious and wait for a dip to the range lows. Keep an eye on the indicators and the worth of ETC, and pay attention to the range boundaries for potential opportunities within the range.