Ethereum Classic Above EMA55 Weekly, Mixed Bullish BagEthereum Classic (ETCUSDT) is trading below EMA89 but also above EMA55 on the weekly timeframe, a mixed bag. We have a long-term consolidation phase, the longest ever, with mixed market conditions. Mixed short-term but bullish on all other terms. There is no doubt we are going up, 100% certain.
ETCUSDT has a long-term triple bottom pattern present on this chart, with flat volume. The flat volume in those three years of neutral sideways action indicates lack of participation by traders, this is the classic consolidation period, when whales accumulate in preparation for long-term growth.
Cryptocurrency is a young growing market, after each stop, it goes up. A bull market every four years, more or less, so far working perfectly and be ready to see it working again.
Between late 2018 and early 2021 Ethereum Classic was trading at bottom prices and produced a consolidation pattern. As soon as ETC broke above EMA55/89 weekly we saw a major bull market. This is what we are seeing now but things change based on the law of alternation.
We are seeing a very long consolidation period between 2022 and 2025. Since the last period was short in duration, this period is long. Since the last bullish wave was very steep, this one can result being gradual.
Fast or gradual, we are going up. The fact that many people are losing patience means we are getting very close. Everything can be neutral today, shy not bearish; it can all turn green in a single day.
Watch how the market grows. Think about it, five weeks the market stalls with no growth but there isn't any bearish action either. This is accumulation before the next leg-up. Mark my words. Market conditions continue to improve and this will soon be reflected on the price and chart. $283 or maybe even $450 next.
Namaste.
