Ethereum Classic (CRYPTO: ETC) is trading slightly higher Friday, moving higher alongside the rest of a bullish crypto market. The crypto looks to be beginning an uptrend toward the resistance level.
Ethereum Classic was up 1.71% at $55.13 at last check Friday afternoon.
Ethereum Classic Daily Chart Analysis
- Ethereum Classic looks to have started to form an uptrend within what technical traders call a sideways channel.
- The $80 level is an area where the crypto found resistance near in the past and may again in the future. The higher low trendline may hold as support for the crypto, if unable to hold as support the $40 level may act as support.
- The crypto trades below the 50-day moving average (green) but above the 200-day moving average (blue), indicating the crypto is likely in a period of consolidation.
- The 50-day moving average may act as resistance while the 200-day moving average may be a place the crypto can find support.
- The Relative Strength Index (RSI) has climbed the past few weeks and now sits at 53. This shows that there is now more buying pressure than there is selling pressure.
What’s Next For Ethereum Classic?
Bullish traders are looking to see the crypto continue to trade above the higher low trendline up to resistance. Bulls are then looking for a break of resistance and period of consolidation for the crypto to possibly see a further bullish move.
Bearish traders would like to see Ethereum Classic fall below the higher low trendline and move toward the $40 support level. Bears are then looking for a break below the $40 support level and for it to turn into resistance and hold below it. This could cause a further bearish push in time.
Photo by Patrick Hendry on Unsplash
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