TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Ethereum Classic Price Analysis: ETC/USD trending upwards within a rising channel

  • Ethereum Classic bulls bank on the rising channel support.
  • Technical signals from the RSI suggests that sideways trading is the most likely direction in the near term.
Ethereum Classic Price Analysis: ETC/USD trending upwards within a rising channel
John IsigeJohn IsigeFXStreet

Ethereum Classic is among the few cryptocurrencies keen to hold on to the gains accrued in the last 24 hours. ETC is in the green with a 1.54% rise on the day alongside EOS and Litecoin at 1% and 2.6%, respectively. Bitcoin, on the other hand, spiked above $8,400 but has adjusted to $8,300.

An overview of Ethereum Classic as observed on the 4-hour chart shows a cryptocurrency that is bullish and with the potential to correct higher. From the December low at $3.4, the price has broken the barriers within an ascending channel to hit new 2020 high at $5.15.

Ethereum Classic has since adjusted to the current $4.88, although the immediate downside is protected by the 50 SMA. Moreover, the channel support to prevent extended correction towards the support at $4.0.

According to the RSI, ETC is likely to take on a sideways trend in the short term. The RSI is lethargic above 50 after the retreat from highs slightly above 70.

ETC/USD 4-hour chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Editor's Picks

Pi Network Price Forecast: PI risks another lower leg as the broader crypto market slips

Pi Network Price Forecast: PI risks another lower leg as the broader crypto market slips

Pi Network is trading in the red on Thursday, retreating toward a near-term support around $0.0740. The Fear and Greed Index declines to 43 on Thursday, while total liquidations exceed $350 million over the last 24 hours, suggesting a deterioration in investors' risk appetite and a sell-side bias. The technical outlook for PI is bearish, with selling pressure building.

Ripple and Stellar outlook: XRP and XLM lose ground as hawkish Fed tone weighs

Ripple and Stellar outlook: XRP and XLM lose ground as hawkish Fed tone weighs

Ripple and Stellar remain under pressure on Thursday as bearish derivatives positioning and on-chain signals weigh on sentiment. XRP slides toward key support at $1.30, while XLM gives back some of its recent gains. Meanwhile, the Federal Reserve held interest rates unchanged at 3.75%-4.00% at its two-day October policy meeting.

Cardano Price Forecast: ADA extends bearish reversal as sell-side pressure intensifies

Cardano Price Forecast: ADA extends bearish reversal as sell-side pressure intensifies

Cardano faces intense selling pressure, with over 4% losses so far on Thursday, pushing the price below $0.2000. The sell-off aligns with the broader cryptocurrency market pullback after the US Federal Reserve decided to pause the federal funds rate at 3.75%-4.00% on Wednesday.

Cardano Price Forecast: ADA extends bearish reversal as sell-side pressure intensifies

Cardano Price Forecast: ADA extends bearish reversal as sell-side pressure intensifies

Cardano (ADA) faces intense selling pressure, with over 4% losses so far on Thursday, pushing the price below $0.2000. The sell-off aligns with the broader cryptocurrency market pullback after the US Federal Reserve (Fed) decided to pause the federal funds rate at 3.75%-4.00% on Wednesday.
Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.