ETC/USD pair is lacking a clear directional bias so far this Saturday, licking its wounds after extending the price corrective decline from lifetime highs of $184.81.
With retail investors looking for undervalued investment alternatives after the meteoritic rise in Bitcoin BTC, Dogecoin DOGE, Ethereum ETH among other cryptocurrencies, Ethereum Classic ETC rose nearly 50% on Thursday, reaching the highest level on record.
The price bulls took a breather thereafter, as the ETC price retraced nearly half the rally to record highs.
As observed on Ethereum Classic’s 12-hour chart, the price has managed to defend key support near the $111 mark, which is the 50% Fibonacci Retracement level of nearly 300% rally seen so far this month.
Despite Friday’s sharp sell-off, ETC price bulls recaptured the latter to settle the day at $119.91. At the time of writing, the coin is up nearly 1%, trading around a price of $121 levels.
The ETC price has formed a Doji candlestick on the said time frame, suggesting that the bulls and bears appear to be fighting for control.
The 61.8% Fibonacci retracement level of the same upsurge at $127.20 is limiting any upside attempt in the spot.
Amid the range play, traders are awaiting a strong catalyst for the next direction in prices.
However, with the relative strength index hovering within the overbought territory, the ETC price bulls remain cautious.
The corrective downside could regain traction only a 12-hour candlestick pattern closing below the 50% Fibo level, which is likely to expose the price of $100 psychological level.
The next downside target is envisioned around the price of $94-84 region, which is the confluence of Thursday’s low and 38.2% Fibo level.
Alternatively, acceptance above the 61.8% Fibo level could reinforce the ETC bullish momentum, with eyes once again on the $150 support barrier. At that level, the 78.6% Fibo level coincides.
A sustained break above the latter could put the Ethereum Classic all-time highs at risk.
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