Ethereum Classic - Descending triangle noted
|The daily chart of the Ethereum Classic or ETC/USD pair shows the bulls are working hard to avoid a big downside break of the descending triangle pattern.
Fake breakdown
ETC did breach the triangle pattern to the downside on Tuesday and fell to $13.01, but the sell-off was short lived as prices recovered to $14.50 yesterday. However, the follow through has been weak. Prices are struggling to take out the triangle resistance/descending trend line level of $14.12.
As per coinmarketcap.com, Ethereum Classic gained 4.8% over the last 24 hours. Its market cap currently stands at $1.3 billion. ETC’s rival ETH [Ethereum] currently trades at $305.50; up 6% in the last 24 hours.
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