Ethereum Classic has been the altcoin of the week as it keeps trading in green amid a bear market. The price of Ethereum Classic got a big boost after Robinhood and Coinbase added the altcoin to th8ieir list of tradable coins. ETC has been trading in green in an ascending channel for more than to 48 hours and it is testing the resistance. If ETC is able to break this channel, it will most likely move higher faster and long-term. The altcoin is testing the higher part of the ascending channel.
The Price of Ethereum Classic (ETC) Vs. The USD
The 200 simple moving average is above the 100 simple moving average and this shows that the path of least resistance is below. It also means that sellers still have an opening and may return to the market but the gains may still be kept in check. The relative strength index is currently in the overbought territory signaling that buyers are becoming more exhausted. If the price drops lower instead of go higher, the sellers may return to the market and take the price down south. The stochastic oscillator is in the overbought territory and it looks like it is getting ready for a reversal.
Ethereum Classic (ETC) Price Today – ETC / USD
In this case, Ethereum Classic may pull back to the bottom of the ascending channel which will be around $16 before it starts regaining bullish traction. This is near some dynamic inflection points that are placed in the moving averages. If the price of Ethereum Classic breaks past this level, a more pronounced price rally will begin.
Why Is Ethereum Classic (ETC) Rising In A Bearish Market?
The price of Ethereum Classic entered a bullish trend thanks to the news that Coinbase was ready to add it to its list of tradable coins. As if this wasn’t enough good news, Robinhood, another mega cryptocurrency exchange, added Ethereum Classic to its list of tradable coins one day before Coinbase.
These two announcements gave Ethereum Classic the boost it needs to be a stronger and more competitive altcoin. The trade volume increased and everyone knows that an increase in activity for a cryptocurrency is a sign that it is reaching a wider audience.