Ethereum Classic Might Be Ready To Break Above Resistance In The Next Couple Of Weeks | Benzinga

Ethereum Classic (CRYPTO: ETC) is trading lower Friday, moving in a cryptocurrency market that is pushing lower. Ethereum Classic is nearing the end of a pattern and could see a break of resistance in the next couple of weeks.

Ethereum Classic was down 2.87% at $55.57 Friday afternoon at publication.

Ethereum Classic Daily Chart Analysis

  • Ethereum Classic trades in what technical traders call an ascending triangle pattern, and looks to be nearing the end of the pattern.
  • The $60 level is the next closest resistance level the crypto may reach. If the crypto can break above this resistance level, the next strong area of resistance it may find is near the $80 level. The higher low trendline has been an area of support in the past, if unable to hold the next area of support may be found near the $40 level.
  • The crypto trades above the 50-day moving average (green), but below the 200-day moving average (blue), indicating the crypto is seeing a period of consolidation.
  • The 50-day moving average may hold as an area of support, while the 200-day moving average could be a place of resistance.
  • The Relative Strength Index (RSI) has been moving sideways for the past couple of months and now sits at 50 on the indicator. This shows that the crypto has been seeing an equal amount of buying and selling pressure overall.

What’s Next For Ethereum Classic?

Bulls are looking to see the crypto continue to trade above the higher low trendline and push toward the $60 resistance level. Bulls are then looking for a period of consolidation above this level and for the crypto to continue toward the $80 level.

Bearish traders are hoping that Ethereum Classic will fall below the higher low trendline. A break of the trendline may show weakness in the crypto and cause it to fall back to the $40 level. Bears are then looking for a the price to break below the $40 level and for it to be able to hold below it, potentially hinting that further bearish moves are to come.

Join ZINGERNATION and earn ZING, an ERC-20 smart contract token we launched aimed to reward members as we build a community to find and share great trading and investing opportunities. Download the mobile app now, available on iOS and Android.

Click here, or sign up for our newsletter to explore more of Benzinga’s Cryptocurrency market coverage, in-depth coin analysis, data, and reporting.

Source link