Ethereum Classic Could Break Short-Term Resistance And Pop Toward Long-Term Resistance Soon

Ethereum Classic ETC/USD is trading slightly lower Friday, moving in a market that is cooling off after a hot week. Ethereum Classic is nearing a resistance line in a pattern and could be due for a small breakout soon.

Ethereum Classic was down 3.12% at $54.47 at last check Friday afternoon.

Ethereum Classic Daily Chart Analysis

  • Ethereum Classic is forming what technical traders call an ascending triangle pattern to a short-term resistance line near the $60 level.
  • The $80 level is a longer-term resistance line and the next resistance line if the $60 level gets broken. The higher low trendline is a place that has acted as support, but if broken, the next area of support may be found near the $40 level.
  • The crypto trades below both the 50-day moving average (green) and the 200-day moving average (blue), indicating the crypto is seeing a period of bearish sentiment.
  • Each of these moving averages may hold as a place of resistance in the future.
  • The Relative Strength Index (RSI) has moved sideways the past few weeks and sits at 51. This shows the buying and selling pressure has remained relatively equal in the crypto.

What’s Next For Ethereum Classic?

Bullish traders are looking to see Ethereum Classic remain above the higher low trendline and break above the $60 trendline. This could give the crypto a boost toward the next resistance line near $80. Bulls eventually want to see a break above this resistance as well.

Bearish traders are looking to see Ethereum Classic fall below the higher low trendline and start heading toward the next support level. Bears then want to see the crypto fall below the $40 level and hold it as resistance. This could be a hint the crypto is ready for a further push downward.

Photo: ETC Public Domain via Flickr

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