Ethereum Classic (CRYPTO: ETC) is trading higher Friday, moving higher alongside the rest of a bullish crypto market.
Ethereum Classic looks to be on the verge of a breakout. The last time the crypto broke out it ran to a high of $175. There’s a chance if the crypto sees another breakout the same result could happen.
Ethereum Classic was up 5.01% at $70.97 at last check.
Ethereum Classic Daily Chart Analysis
Ethereum Classic looks to be forming a cup pattern (orange) inside of a sideways channel. The price level has almost reached resistance and has been getting pinched between support and resistance. The $80 level is an area where resistance has been found in the past. This is somewhere Ethereum Classic has struggled to cross above in the past and may again in the future. The higher low trendline has been holding as support and may continue to if the price can stay above it. The crypto trades above both the 50-day moving average (green), and the 200-day moving average (blue), indicating recent sentiment has been bullish. These moving averages may both hold as an area of support in the future. The Relative Strength Index (RSI) has been moving sideways above the middle line and sits at 61. The RSI looks to be heating up and possibly ready to make a move into the overbought area in time.
What’s Next For Ethereum Classic?
Bullish traders want to see Ethereum Classic break above resistance and push higher. Ethereum Classic has run to over $175 in the past so it isn’t impossible for it to do it again. Bulls would like to see some consolidation after a breakout for possible further moves.
Bearish traders would like to see Ethereum Classic fall below the cup pattern and start to fall further. Bears would like to see the crypto start heading down toward the possible $40 support level. Eventually, bulls would like to see the crypto fall below the $40 level.