Is Ethereum Classic Ready To See The Squeeze That Pushes It Past Resistance?

Ethereum Classic ETC/USD is trading slightly lower Monday, moving in a cryptocurrency market that is relatively flat. Ethereum Classic is nearing a key area and is getting pinched between support and resistance.

Ethereum Classic was down 0.9% at $53.72 at press time.

Ethereum Classic Daily Chart Analysis

  • Ethereum Classic is heading toward the $60 level, an area of short-term resistance in what technical traders call an ascending triangle pattern.
  • The $80 level has been a longer term resistance level and the next resistance line if the $60 level gets broken. The higher low trendline acts as support, but if broken may fall to the $40 level before finding support again.
  • The crypto trades above the 50-day moving average (green), but below the 200-day moving average (blue), indicating the crypto is seeing a period of consolidation.
  • The 50-day moving average may hold as an area of support, while the 200-day moving average could be a place of resistance.
  • The Relative Strength Index (RSI) has been moving sideways and sits at the 50 mark. This shows that the buying pressure has been equivalent to the selling pressure recently.

Ethereum Classic Price Prediction

What’s Next For Ethereum Classic?

Bullish traders are looking to see the crypto hold above the higher low trendline and go on to break above the $60 level. Bulls are then looking to see the $60 level hold as support for it to possibly see a continuation higher.

Bearish traders are hoping that Ethereum Classic will fall below the higher low trendline. This could cause the crypto to fall to the $40 level. Bears are then looking for a break below the $40 level and for it to hold as resistance to see a strong bearish drop.

Posted In: CryptocurrencyLong IdeasShort IdeasTechnicalsMarketsTrading Ideas

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