Ethereum Classic ETC/USD is trading lower Tuesday, moving in a market filled with cryptos moving both up and down. Ethereum Classic crossed the downward trendline and is possibly starting to turn around. If the crypto can break above the trendline and hold, it may see a longer-term reversal.
Ethereum Classic was down 3.29% at $31.49 Tuesday afternoon at publication.
Ethereum Classic Daily Chart Analysis
- The crypto is breaking above the lower high trendline (orange) and is trying to trend higher again. If the crypto can continue to push higher it may find resistance near the $40 level.
- 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 may act as resistance.
- The Relative Strength Index (RSI) has been climbing again and now sits at 60. This shows the crypto has more buyers entering the market and there are now more buyers than sellers since early November 2021. The price may continue to rise if the RSI can hold above the middle line.
What’s Next For Ethereum Classic?
Ethereum Classic is showing some strength throughout the past couple of weeks and has now shown it could cross above the lower high trendline. If Ethereum Classic continues to trade with higher lows, it may go on to test the $40 level as resistance. Bullish traders are looking to see the crypto cross above the $40 level and hold above it. Bulls then want to see the crypto cross above the 200-day moving average. Bears are looking to see the crypto get rejected at the $40 level and begin to trade lower once again. This will show the bears were able to hold the crypto below a key level and it will likely see more bearish movement.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month