Buckle Up Because Ethereum Classic Is Heating Up Again

Ethereum Classic (CRYPTO: ETC) is trading higher Wednesday, moving higher with the rest of the crypto market. Ninety-six percent of the tradable assets on the Coinbase Global Inc. (NASDAQ:COIN) app traded higher as the crypto market has been heating up.

Ethereum Classic was up 4.54% at $61.98 at last check Wednesday.

Ethereum Classic Daily Chart Analysis

• Ethereum Classic looks to be forming a cup pattern (orange) inside of a sideways channel.
• 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 support in the future.
• The $80 level has been an area in the past where the crypto has found resistance. The crypto bounced off support and has been moving in a cup shaped pattern toward resistance.
• The Relative Strength Index (RSI) also has been moving higher and now sits at 69. The RSI is now near the overbought range, if it continues to move higher the stock could breakout.

What’s Next For Ethereum Classic?

Bullish traders are looking to see Ethereum Classic continue to move higher above the cup pattern. If the price can cross resistance as the RSI climbs higher well into the overbought range, the crypto could see a large bullish push.

Bearish traders would like to see Ethereum Classic fall below the cup pattern and head back toward $40 support. Eventually bears would like to see the price fall below the $40 support and hold it as a resistance level.

See Also: Ethereum Classic, Baby Doge Form Bullish Patterns As Bitcoin Rises Through Resistance