Ethereum Classic Cracks Below Support: Where's It Headed Next?

Ethereum Classic ETC/USD is trading slightly lower Friday, moving in a cryptocurrency market that is falling slightly. Ethereum Classic looks to have broken below the higher lows trendline and may be on its way back to a previous area of support.

Ethereum Classic was down 2.86% at $45.71 Friday morning at publication.

Ethereum Classic Daily Chart Analysis

• Ethereum Classic has fallen below the higher low trendline in what technical traders call an ascending triangle.
• The $60 level is the closest resistance level the crypto may reach, a break above this resistance level could push it toward the next area of resistance near the $80 level. The price has fallen below the higher low trendline and shows that the latest bullish trend was unable to keep going.
• The crypto trades below both the 50-day moving average (green) and the 200-day moving average (blue), indicating the crypto is seeing recent bearish sentiment.
• Each of these moving averages may hold as an area of resistance in the future.
• The Relative Strength Index (RSI) has been sliding lower the past few weeks showing fewer buyers are in the crypto. Some of these buyers are turning into sellers and putting more selling pressure on the market.

What’s Next For Ethereum Classic?

Bullish traders are looking to see a bounce back higher and for Ethereum Classic to start making higher lows once again. Once higher lows can be established, bulls are looking for a break above moving averages to see the sentiment in the crypto turn back bullish again.

Bearish traders are looking to see the crypto continue to fade back lower and fall below support. If the crypto can fall below the $40 level and begin to hold it as resistance, it may be a signal that further bearish moves are coming in the future.