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Ethereum Classic (ETC) Singing ‘Head, Shoulders, Knees And Toes'

In the event of a head-and-shoulders scenario in technical analysis, we can predict how far the asset is likely to fall below the neck-line — the phase that ETC is currently experiencing.

First, we need to measure the height of the all-time high from the neck, in ETC’s case $10 to $44, a 77 percent gain.

If we apply the same percentage as a loss below the neck, we can estimate a possible low range where the price could end up. In the chart below this value was rounded to a 75 percent loss from $10 to the $2.50 level.

Considering the overbought nature of the stochastic RSI and recent fall through the $6 support, it is likely that ETC will continue to sink to the $2 and $3 range.

Traders looking to make a short-term play should be aware that ETC appears to be in a reversal trend and should wait for the coin to test for lower supports before entering any positions.

If the entire cryptocurrency market continues to decline, $2.50 may not be the bottom for ETC, as it could return to the $1 level in the event of an even longer bear market.