Ethereum Classic (CRYPTO: ETC) is trading higher Monday, moving higher in a crypto market that is trading slightly higher as a whole.
Ethereum Classic has been in a strong downward trend for the last few months and has not yet shown signs it is making a reversal.
Ethereum Classic was up 2.45% at $25.53 at last check.
See Also: Why Ethereum Classic Could Soar 30% On A Break From This Pattern
Ethereum Classic Daily Chart Analysis
- Since the break below the $40 support line, Ethereum Classic has been steadily trending down. The strong downward trend can be shown by the orange line on the chart. For Ethereum Classic to possibly see a reversal, it will have to cross above this line and begin to form higher lows once again.
- The crypto trades below both the 50-day moving average (green) and the 200-day moving average (blue), indicating the crypto is seeing recent bearish sentiment. Each of these moving averages may hold as an area of resistance in the future.
- The Relative Strength Index (RSI) has begun to climb slightly higher the last few days and is beginning to form higher lows. The RSI sits at 38, showing the selling pressure has been greater than the buying pressure. If the RSI falls back near the oversold region, the price may continue to fall and stay on the downward trend.
What’s Next For Ethereum Classic?
Ethereum Classic has been in a strong downward trend since November 2021 and does not have an end in sight yet. The break resistance could show the start of an upward trend.
Bullish traders are looking to see the price cross above the orange resistance line and begin to form higher lows and head back toward the $40 level.
Bears are in control of the crypto and are looking to see it hold below the orange resistance line as well as the moving averages.
