Can Ethereum Classic Break From This Key Pattern To Make 2022 Bull Run A Reality? – Ethereum Classic – United States Dollar ($ETC)

Ethereum Classic (CRYPTO: ETC) It traded down about 1.7% at one point on Tuesday, in sympathy with Bitcoin (CRYPTO: BTC), which is down about 1%.

Ethereum Classic, including Ethereum (CRYPTO:ETH) fork, has been trading closely with Bitcoin in recent months – although Ethereum Classic was unable to use Bitcoin to reach a new all-time high in November.

On December 24, the Ethereum Classic community received positive news that starting in January, the ETC Cooperative will begin funding the development of the Core-Geth client, the Ethereum Classic core node.

ETC Cooperative is a public charity that supports the growth and development of Ethereum Classic and has been involved in Ethereum Classic’s Hyperledger Besu client since September.

The news may help Ethereum Classic hold above the $33.55 support level, which will avoid confirming the cryptocurrency on a downtrend. By comparison, Bitcoin confirmed it was in a downtrend on Tuesday when it fell below the December 31 day low at the $46,650 mark.

See also: Bitcoin Whale Moves 456 BTC Off Coinbase

Ethereum Classic chart: On December 30 and December 31, Ethereum Classic printed a double bottom near the $33.50 level and rebounded from the area over the next two days.

On Tuesday, the crypto failed to trade lower to this level, which could indicate that Ethereum Classic is settling into a triangle pattern when combined with the higher low printed on January 2.

If the triangle pattern is recognized, Ethereum Classic is set to break out of the formation before it reaches the top on January 6. Traders can monitor above average volume to enter the cryptocurrency when it breaks out of the pattern for confirmation. Is the triangle recognized?

The sideways trading pattern inside the triangle is formed on below average volume, which indicates that the cryptocurrency is going through a period of consolidation. By mid-afternoon on Tuesday, Ethereum Classic had only 74,768 trading volumes compared to the 10-day average of 98,422.

Ethereum Classic is trading below the eight-day and 21-day EMA, with the eight-day EMA trending below the 21-day, both of which are bearish indicators. The cryptocurrency is also trading below the 50-day simple moving average, which indicates that the long-term sentiment is bearish.

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  • Bulls want to see significant bullish volume entering and exiting Ethereum Classic upwards from the triangle, which could allow the cryptocurrency to reclaim both EMAs as support. There is resistance above $36.82 and $40.57.
  • The bears would like to see significant bearish volumes come in and break Ethereum Classic down from the triangle, confirming that the cryptocurrency is in a downtrend. Ethereum Classic supports below at $32.17 and $27.67.