Ethereum Classic Looks Like It's Starting To Heat Up Again

Ethereum Classic ETC/USD is trading higher, up 4.7% at $53.88 at publication time.

Ethereum Classic Daily Chart Analysis

• Ethereum Classic looks to have found a bottom and bounced slightly above the $40 support area it has previously bounced near.
• The $80 level is an area where Ethereum Classic has found resistance in the past. This area may continue to be somewhere the crypto struggles to cross above in the future.
• The crypto trades below the 50-day moving average (green), but above the 200-day moving average (blue), indicating the crypto has recently been seeing a period of consolidation.
• The 50-day moving average may hold as an area of resistance in the future, while the crypto could find support near the 200-day moving average.
• The Relative Strength Index (RSI) has begun to climb once again and now sits at 50. This shows buyers have been moving into the crypto and now there are equal amounts of buyers and sellers.

What’s Next For Ethereum Classic?

Bulls traders are hoping to see Ethereum Classic continue to push higher and start to form higher lows. This could signal that the crypto is beginning to form into an uptrend. Bulls would then like to see the crypto cross above the $80 level.

Bearish traders would like to see Ethereum Classic begin to start falling once again and break below the $40 level. If the $40 level can begin to hold as an area of resistance, it may signal that the crypto is ready for further bearish moves.