Why Ethereum Classic Is Ready To Break Out Any Day Now

Ethereum Classic (CRYPTO: ETH) is trading higher Friday, as it is moving higher with other popular cryptocurrencies such as Bitcoin (CRYPTO: BTC), Bitcoin Cash (CRYPTO: BCH), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE).

All but five of the 76 tradable assets on Coinbase Global Inc.’s (NASDAQ:COIN) platform are trading higher Friday. 

Ethereum Classic was up 2.51% at $67.48 at last check.

See Also: How to Buy Ethereum Classic

Ethereum Classic Daily Chart Analysis

• Ethereum Classic looks to be forming a cup pattern (orange) inside of a sideways channel. The price is now starting to approach a previous resistance level.
• 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 $80 level has held as resistance multiple times in the past and may act as resistance again as the price nears the level. The cup may hold as support as the stock continues its upward push.
• The Relative Strength Index (RSI) also has been moving higher and now sits at 63. This shows that there has been more buying pressure in the stock than selling pressure.

What’s Next For Ethereum Classic?

Bullish traders are looking to see Ethereum Classic continue to move higher above the cup pattern. Bulls are looking to see the price cross above resistance and be able to hold above the $80 level.

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 as a resistance level. This could cause a further downward push.