Ethereum Classic price analysis: ETH/USD breaks above $5 for the first time in March

Failure to extend the gains higher above $5.00 has led to the formation of a double-top pattern.
The short-term outlook shows that ETC/USD is bearish.

Ethereum Classic is among the daily biggest single-digit gainers as traders usher in the weekend trading session. The gains come after the declines that swept across the market yesterday. ETC/USD has from March 15 traded higher highs and higher lows. However, the bullish momentum fizzled out at $4.9 on Thursday 21. The short-lived trend paved the way for the bears as they increased their entries leading to a slide that tested $4.55.

The buyers did not, however, stay down for long as they staged a reversal that broke above $5.0 for the first time in March. According to the data provided by FXStreet cryptocurrency live rates, ETC/USD has added 2.82% to its value to exchange hands at $4.95.

Failure to extend the gains higher above $5.00 has led to the formation of a double-top pattern. This pattern is considered as a bearish pattern and mostly signifies a trend reversal. Therefore, we can expect Ethereum Classic to trim the gains in reaction to the pattern. The short-term outlook shows that ETC/USD is bearish. However, considering the signals from indicators like the RSI and the MACD, the buyers still have control.

ETC/USD 4-hour chart

Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram