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Ethereum Classic (ETC) Price Analysis: Ready to Resume the Climb?

Ethereum Classic formed higher highs and higher lows to create an ascending channel on its 1-hour time frame. Price made a sharp climb to the top on the Coinbase and Robinhood listing but has since bounced off.

Applying the Fibonacci retracement tool on the latest swing high and low shows that Ethereum Classic is still within correction territory, so there’s a good chance bulls might still return. Price is testing the 61.8% Fib, which is just above the channel bottom around $34 and is close to the moving averages’ dynamic inflection points.

If these levels hold as support, price could make its way back up to the channel top around $21, which is also the swing high. The 100 SMA is above the longer-term 200 SMA after all, so the path of least resistance is to the upside. This means that the uptrend is more likely to resume than to reverse.

RSI is on the way down but looks ready to move back up again as it approaches oversold levels. Stochastic is already indicating oversold conditions and turning higher could bring buyers back in. A break below the channel support, however, could expose Ethereum Classic to further losses.

Cryptocurrencies have had a rough ride in general this week, and it didn’t help that the SEC released a notice on its decision to delay the ruling on a bitcoin ETF application. This cast more doubts for the industry, which appears to be moving to the tune of FUD (Fear, Uncertainty, Doubt) these days.

Ethereum Classic and its peers could use another set of positive updates to resume their gains, although ETC is currently being supported by expectations of higher volume and increased activity from the Coinbase and Robinhood listings.

Still, ETC has surpassed a handful of altcoins to land in 11th place on cryptocurrency rankings after previously hovering around 16th place.

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Ethereum Classic (ETC) Price Analysis: What’s Behind That Big Breakout

Ethereum Classic had formed lower highs and higher lows to consolidate inside a symmetrical triangle on its 4-hour chart since the latter part of June. Price has recently busted through the resistance to signal that an uptrend is in the cards.

The chart pattern spans $12 to $19 so the resulting rally could be roughly the same height. However, moving averages have yet to catch up to the move since the 100 SMA is still below the longer-term 200 SMA. This suggests that the path of least resistance is to the downside or that sellers have the upper hand.

This could mean that a pullback to the broken triangle top around $17 is in order. After all, RSI is dipping into overbought territory on its move up, and turning lower could bring selling pressure back in. Similarly stochastic is indicating overbought conditions and looks ready to head south, so Ethereum Classic might follow suit.

News that cryptocurrency trading app Robinhood added Ethereum Classic to its list of tradeable digital assets turned out very bullish for this one as it would bring higher volumes and increased activity.

According to their official announcement on August 6:

Starting today, you can invest in Ethereum Classic on Robinhood Crypto, commission-free.

Robinhood also offers trading in Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Dogecoin, as well as track market data for 10 other cryptocurrencies. The app is currently available in 19 states, and the company continues to work to expand to more. Earlier this year, Robinhood was able to raise $363 million in a series D funding round to expand its business, bringing its valuation to $5.6 billion.

This decision to add Ethereum Classic to its mix comes just before Coinbase is set to add the option as well. The company announced:

We expect final testing to be completed by Tuesday, August 7, at which point we will announce that we’re ready to accept inbound transfers of ETC. We intend to allow 24–48 hours of inbound transfers through Coinbase Pro and Coinbase Prime before enabling trading.

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