Ethereum Classic is trading higher Friday as the crypto market pushes higher, bouncing back from a couple of days’ losses. Ethereum Classic trades higher alongside Ethereum ETH and Bitcoin as they lead the market higher. The crypto was unable to cross back above the $40 level and held the area as resistance. It then saw a period of downward movement for a couple of weeks.
Now, the crypto looks like it may be seeing a bottom and turning back around once more. The $40 level may hold as an area of resistance again if the price can reach it
The crypto trades below both the 50-day moving average and the 200-day moving average, indicating the crypto is seeing recent bearish sentiment. Each of these moving averages may hold as an area of resistance in the future.
The Relative Strength Index saw a period of downward movement and is now climbing back higher once again and sits at 46. This shows that there are slightly more sellers in the market than there are buyers, but more buyers have been entering the market lately.
Ethereum Classic is looking to see a reversal if the price can start to form higher lows again. Bullish traders are looking to see the crypto form higher lows and go on to test the $40 level and be able to cross above it once again. Bulls then want to see this level hold as an area of support and trade in the channel once more. Bearish traders are in control of the crypto and are looking to see it hold below the $40 level as well as the moving averages.