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Ethereum Classic Smacks Into Resistance As BTC & DOGE Consolidate - Analysis.
2021-10-06 | Eddy Morgan
Ethereum Classic Price Chart - Source: CoinMarketCap
On lower timeframes, Ethereum Classic was attempting to print another bullish green candle on Saturday, while stabilizing under $55.12. If the crypto can close around its day's high, it might signal that higher prices will return on Friday. This suggests a move to the upside is in the works, however a higher low will be needed to confirm the trend in the future. Ethereum Classic was able to reclaim the support of the 8-day and 21-day exponential moving averages (EMAS) Tuesday, which is positive. If the cryptocurrency can maintain its upward trajectory, the eight-day EMA will cross above the 21-day, confirming the uptrend. Ethereum Classic has reclaimed support from the 200-day simple moving average, indicating that the crypto's general mood has shifted to positive.- Bulls hope to witness a surge in bullish volume that pushes Ethereum Classic above $55 USD. If the cryptocurrency can reclaim the level of support, it has the potential to trade up to $60 USD.
- Bears hope to see large negative volume enter the market and push the cryptocurrency below $50 USD, causing Ethereum Classic to lose support from the three moving averages. The downward sloping trendline and the $48 USD level provide support below the level.
