John Isige FXStreet Follow Following
Ethereum Classic price is retesting support at $33.84 after the cryptocurrency market generally flipped bearish on Friday. Before the losses, ETC had more than tripled in value to trade at a five-month high of $45.77.
Over the last five weeks, Ethereum Classic price responded positively to the hype surrounding the upcoming Ethereum (ETH) Merge. As the largest smart contracts platform awaits rebirth on the all-new proof-of-stake (PoS) consensus, Ethereum Classic price is making strides toward new yearly highs.
Ethereum Classic price is receiving much attention from investors (speculators) and miners. The latter group is preparing for the Merge – set to render their equipment useless within the Ethereum (ETH) ecosystem. On the other hand, the Ethereum Classic proof-of-work (PoW) blockchain is being flaunted as the best go-to platform for miners wishing to continue their activities.
However, the move remains uncertain amid calls for a hard fork on Ethereum – to allow its PoW protocol to exit after the transition. Several cryptocurrency exchanges have expressed support for the PoW Ethereum if developers and users warm up to the idea.
For now, Ethereum Classic price is more concerned about reversing the uptrend north from support at $33.88. The 200-day Simple Moving Average (SMA) reinforces this buyer congestion area, elevating ETC to $34.86 at the time of writing.
From a technical vantage point, Ethereum Classic price is poised to make a successful return beyond the crucial resistance at $40.00. This move will advance 44.88% from the current support at $33.88 if a double-bottom pattern formed on the same four-hour chart confirms.
Traders should watch ETC’s approach to the neckline to gauge whether they should settle for early profits or firmly hold till $55.30. The oversold position of the Stochastic RSI implies that a bullish reversal is around the corner.
Nevertheless, investors should wait for Ethereum Classic price to close the day above the 200-day SMA before going all-in for the imminent uptrend. Trading below the moving average, ETC could explore downstream levels around $24.00 and $14.00.
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A period of controlled selling has kick-started and is currently approaching short-term support levels. A minor relief rally might occur – before the next leg down to inefficiencies and liquidity. The current down move has broken significant levels that could trigger a massive sell-off in the future.
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