In comparison to other prominent cryptocurrencies, Ethereum Classic (ETC) has been a laggard. Since October 1, Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) have risen about 19%, 18%, and 19.48%, respectively. Ethereum Classic has risen 10.77%.
Individual names may take longer to catch up when a sector moves either bullishly or bearishly. The cryptocurrency has been facing a strong resistance level at $55 for the past four trading days, consolidating in a sideways pattern below it. That might change, though, because Ethereum Classic saw a surge in bullish volume earlier on Thursday.
1 Day Price Chart For Ethereum Classic – Source: Coinmarketcap
The Ethereum Classic Chart: On the daily chart, the large bullish volume prompted Ethereum Classic to print a hammer candlestick, indicating that bulls purchased the drop when the currency retested support at $52.93 in the early hours on Thursday.
If Ethereum Classic closes the 24-hour trading session near its high session price at 8 p.m. ET, it could indicate that it will trade higher on Thursday.
If Ethereum Classic is able to break through and stay above $55, it may corroborate a reaction to a bull flag pattern. The pattern’s pole was made between September 30 and October 2, and the flag was made between October 2 and Tuesday. If the trend is detected, Ethereum Classic may be able to reclaim the $66 mark.
Ethereum Classic had a daily trading volume of above 280,000 as of mid-afternoon Wednesday, compared to a 10-day average of 228,409. The presence of above-average trading volume in stock or cryptocurrency implies a significant level of investor interest.
Ethereum Classic is trading above the eight-day and twenty-one-day exponential moving averages, with the eight-day and twenty-one-day EMAs trending in the same direction. The eight-day EMA will cross above the 21-day EMA if Ethereum Classic moves even marginally higher in the future, which would be positive.
The cryptocurrency is now trading above its 200-day simple moving average, indicating that market sentiment is positive. In the future, bulls will like to see the eight-day and 21-day EMAs cross above the 200-day SMA.