Ethereum Classic (CRYPTO: ETC) is trading slightly higher Friday, moving in a cryptocurrency market that has been highly volatile the past couple of weeks and after Ethereum (CRYPTO: ETH) and Bitcoin (CRYPTO: BTC) both made new all-time highs.
Ethereum Classic was up 3.65% at $53.56 at last check Friday afternoon.
Ethereum Classic Daily Chart Analysis
- Ethereum Classic looks to be forming what technical traders call an ascending triangle pattern toward a short-term resistance level near the $60 level.
- The $80 level has been a longer-term resistance level and the next resistance line if the $60 level gets broken. The shorter-term 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 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) saw a jump higher the past few days and now sits at 49. This shows that the buying and selling pressure are now almost equal.
What’s Next For Ethereum Classic?
Bullish traders are looking to see the crypto continue to trade above the higher low trendline and break above the $60 resistance. If this resistance is able to break and begin holding as a support level, the crypto may start heading toward the $80 level.
Bearish traders are looking to see Ethereum Classic fall below the higher low trendline and start heading toward the next support level. Bears are then looking to see the crypto fall below the $40 level and begin to hold it as a place of resistance.
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