• Ethereum Classic jumps over 5% in European trading session. 
  • ETC is set to trade in a trend channel with weak resistance on the upside.
  • Expect to see $26 being hit next week as markets remain bullish after the central bank bonanza.

Ethereum Classic (ETC) is set to book a very outright bullish intraday session just hours before the US session kicks in. As the dust is settling for global markets after all major central banks had their say on Wednesday and Thursday, it seems that bulls are in the driver seat, at least for ETC, with some nice upside potential toward $26.

Ethereum Classic starts to shape up for a longer-term uptrend

Ethereum Classic traders had their work cut out for them this week with all the central banks reporting for the first time this year followed by the US job report for January later on Friday. From the looks of it, bulls have not been scared away and are staying the course upward. Some very pretty technical elements are in their favor that could see ETC hitting $26 very soon. There is no fear of overshooting with the Ethereum Classic price as plenty of support is being formed to underpin the price action.

ETC currently respects a trend channel that has seen several tests on both the upside and the downside. The upside looks a bit fragile, which is good for bulls to go for a breakout trade if they want to. It appears that bears are against the ropes now since on the top side the 200-day Simple Moving Average (SMA) is even tilting higher. This is taking place while the steep climb of the 55-day SMA alongside the green supporting trend line of the channel is there as a safety measure should price action slip at any moment.

ETC/USD daily chart

ETC/USD daily chart

As mentioned earlier, the risk to the downside should be underpinned with the green ascending trend line and the 55-day SMA. A third element to add to that is the monthly pivot, which is also held in January. There is a trifecta of why price action should be well-supported and not trade lower. If ETC does sell off due to a sudden shock in the markets, expediting the monthly S1 support level at $17 would do the trick as it falls in line with the monthly pivot from January.


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

Recommended content


Recommended Content

Editors’ Picks

SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction

SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction

The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.

More TRON News

XRP fails to break past $0.50, posting 20% weekly losses

XRP fails to break past $0.50, posting 20% weekly losses

XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22. 

More Ripple News

ImmutableX extends recovery despite $69 million IMX token unlock

ImmutableX extends recovery despite $69 million IMX token unlock

ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19. 

More Cryptocurrencies News

Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium

Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in

Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

More Bitcoin News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP