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š¤ Ethereum Classic has been in a downtrend and is now ranging inside a box pattern. The price has tested the top of the box three times, and at the same time, it has formed a 1 hour higher low within this range.
šµ If Ethereum Classic manages to break the top of the box, which is also the daily resistance at $9.122, on the fourth attempt with increasing buying volume, it could trigger a move toward the next resistance levels.
š¹ However, if buyer support weakens, the chances of a deeper correction increase. With stronger selling pressure, the price could break the $8.851 support and move toward the next support level at $8.649.
š§® The RSI oscillator has an overbought level at 62.89 and an oversold level at 42.71, both acting as confirmations for the scenarios above. Meanwhile, the DMI indicator is tightening, suggesting that a significant move could be approaching soon.
ā ļø Risk management and capital management are essential in trading. Always trade based on your own strategy and risk tolerance. Every trading decision and its outcome are entirely your own responsibility.