Ethereum Classic Hangs On To Support And Needs To Catch A Nice Bounce

Ethereum Classic ETC/USD is trading higher Friday, moving in a cryptocurrency market that is heading slightly higher. Ethereum Classic is barely hanging on to the higher low trendline support and needs to get a further boost to keep it afloat.

Ethereum Classic was up 2.53% at $50.34 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 barely hanging above the higher low trendline.
• The $60 level is the next closest resistance level the crypto may reach, a break above this resistance level could push it toward the next area of resistance near the $80 level. The higher low trendline has been an area of support in the past. The crypto is barely hanging onto this level and if unable to hold, could fall toward the $40 level before more support is found.
• 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) took a dip lower the past week or so and now sits at 42. This shows that selling pressure has been outweighing the amount of buying pressure lately.

See Related: Ethereum Classic Might Be Ready To Break Above Resistance In The Next Couple Of Weeks

What’s Next For Ethereum Classic?

Bullish traders are looking to see the stock continue to push above the higher low trendline and work up toward resistance. Bulls are then looking to see the stock break above the $60 resistance level and hold it as an area of support.

Bearish traders hope that Ethereum Classic falls below the higher low trendline and falls to the $40 support level. Bears are then looking to see price fall below the $40 level and begin to hold the level as resistance for a possible further bearish push.

Photo: Ethereum Classic Logo Art/Public Domain via Pixabay