Ethereum Classic (CRYPTO: ETC) is trading slightly higher Sunday afternoon in a bullish cryptocurrency market. The crypto is trading upwards along with other popular currencies such as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Litecoin (CRYPTO: LTC), and Dogecoin (CRYPTO: DOGE).
Ethereum Classic was up 0.54% at $47.66 at last check.
Ethereum Classic Daily Chart Analysis
- Ethereum Classic looks to be feeling out the bottom for a possible support bounce. The crypto is nearing the possible support level of $40 where it has previously been able to bounce.
- The $80 level is an area where Ethereum Classic has struggled to cross above in the past. This area may continue to hold as resistance in the future for as long as the price stays below the level.
- The crypto is trading below both the 50-day moving average (green), and the 200-day moving average (blue), indicating Ethereum Classic has recently been seeing a period of bearish sentiment.
- Each of these moving averages may hold as a possible area of resistance in the future.
- The Relative Strength Index (RSI) has been falling the past couple of weeks and now sits at 37. This shows that over time the selling pressure in Ethereum Classic has been more than the buying pressure, and the amount of selling pressure has slowly been increasing.
What’s Next For Ethereum Classic?
Bull traders want to see Ethereum Classic bounce off the $40 support and start to form higher lows. Bulls are then looking to see the crypto form higher lows up to the resistance level near $80, before breaking above resistance.
Bearish traders would like to see Ethereum Classic fall below the $40 dollar level and for that level to become resistance. If the crypto begins to hold the $40 level as an area of resistance, it could see a further bearish push in time.
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