Ethereum Classic (ETC) Experiences A Bullish Breakout 

Yesterday, Smartereum.com reported that Ethereum Classic (ETC) was struggling to hold a key support consolidating within a falling wedge pattern. Ethereum Classic broke this pattern making attempts for an upside rally. The price of Ethereum Classic faced resistance around the $13.50 level but the pullback is necessary if the climb upward is to be sustained. The 61.8% of the Fibonacci retracement level from the last swing is at $12.654. The 38.2 Fibonacci retracement level of the previous swing is near the 200 simple moving average and it is serving as a dynamic inflection point at $12.960. If either of these Fibonacci retracement levels hold, Ethereum Classic may make reach higher highs.

Ethereum Classic (ETC) Against The USD

The 100 simple moving average is above the 200 simple moving average indicating that upside holds the path with least resistance. This is an indication that the price rally may face a reversal soon. There is a gap between the moving averages and it is narrowing more and more signaling an upcoming bearish crossover. If the bears succeed, the downward trend will most likely resume. The relative strength index for the Ethereum Classic to USD trading pair is currently in the overbought region. This means that the buyers are getting exhausted. If the price goes lower, the bearish pressure may increase and Ethereum Classic will take a dip swing low. This is according to the price analysis on Cryptocrimson.

Ethereum Classic (ETC) Price Today – ETC / USD

[ccpw id=”20315″]

The stochastic oscillator is going to climb higher in favor of the buyers. It is already near the overbought region so an exhaustion might be on the way. Even with that, the price of Ethereum Classic is still supported thanks to the recent listing on Bittrex. This listing is going to promote liquidity and increase traction for the asset. Eligible accounts can trade ETC against the USD on Bittrex. The announcement was made on the official Bittrex Twitter account.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.