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Technical Levels To Watch As Ethereum Classic Surges

May 5, 2021 6:01 pm
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Technical Levels To Watch As Ethereum Classic Surges

Ethereum Classic (CRYPTO:ETC) is another version of Ethereum (CRYPTO:ETH) with slight differences.

Both are cryptocurrencies that support the use of smart contracts. Ethereum has taken a performance-based focus in its 2.0 iteration as it moves to a Proof of Stake model, while Ethereum Classic is sticking with the proof of work model. Another difference between the cryptocurrencies is that Ethereum Classic has a fixed supply of 210 million while the supply of Ethereum can be changed.

Below is a technical analysis of Ethereum Classic's chart.

See Also: Ethereum Classic Continues To Skyrocket, Outperforming Dogecoin Over Past Week

etcdaily5-5-21.png

Ethereum Classic Daily Chart Analysis

  • Ethereum Classic looks to have broken above an area where it previously found resistance, and has since been flying.
  • The crypto is trading above both the 50-day moving average (green) as well as the 200-day moving average (blue). This indicates bullish sentiment throughout the recent months.
  • The moving averages are a place a bounce could take place. This indicator potentially holds as support in the future.
  • See also: How to Buy Ethereum (ETH)

Key Levels To Watch

  • Ethereum Classic previously saw resistance near the $45 level, until earlier this week it was able to cross above the level.
  • Traders may want to see Ethereum Classic make a correction before thinking about an entry to avoid the chance of getting caught near the top.
  • The $45 level may hold as an area of support if the price were to fall to this level.
  • Previously the chart shows that when breaking resistance, the price has been unable to fall all the way to the previous resistance level. If history is to repeat itself again Ethereum Classic may not fall all the way back to the $45 level.

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