- Ethereum Classic is bullish in the short-term, with the ETC / USD pair advancing to its highest trading level since November 14th, 2018
- Ethereum Classic has turned bullish over the medium-term, with price now trading above the ETC / USD pair’s 200-day moving average
- The daily time frame shows a large falling wedge pattern
Ethereum Classic has a bullish short-term trading bias, with the cryptocurrency surging to a new 2019 trading high and touching levels not seen since November 14th, 2018.
The four-hour time frame shows that a large inverted head and shoulders pattern has been triggered, with the pattern now reaching its full upside projection.
Technical indicators on the four-hour time frame are starting to appear overstretched.
The November 4th spike high and the neckline of the inverted head and shoulder pattern now offer the strongest forms of near-term technical support.
Relative Strength Index
The RSI indicator on the four-hour time frame is now starting to correct lower from extremely overbought conditions.
The MACD indicator on the four-hour time frame is bullish, although the MACD histogram is starting to correct lower.
Ethereum Classic’s recent rally can be attributed to the proposed upgrade ECIP-1054, nicknamed Atlantis. As stated, “it will help to integrate ‘Byzantium’ and ‘Spurious Dragon’ upgrades made in Ethereum assuring cross chain compatibility.” In general, all the proposed changes were well received by all the ecosystem participants, including mining and node operators, core developer teams, etc. The upgrade is currently planned for block number 8,750,000 on the ETC mainnet.
Ethereum Classic / USD Medium-term price analysis
Ethereum Classic has a bullish medium-term trading bias, with the ETC / USD pair trading above its 200-day moving average for the first time since May of last year.
The daily time frame shows that a bullish breakout is currently underway from a large falling wedge pattern that has been in play since the start of the year.
Technical indicators on the daily time frame remain bullish and continue to signal further gains ahead.
Traders should note that the overall upside projection of the falling wedge pattern may take the ETC / USD pair back towards the September 2018 swing-high.
Relative Strength Index
The RSI Indicator on the daily time frame is bullish, although it has now moved into overbought territory.
The MACD indicator on the daily time frame is bullish, with the indicator continuing to generate a strong buy signal.
The medium-term prospects for the project will depend on the ability of its team to attract users and developers. Over the last year, the project has faced several major problems, including the shut down of its leading development team ETCDev. However, with the new development team ETC Labs Core, established at the beginning of the year, it seems that the project is getting back on track.
Ethereum Classic is turning increasingly bullish, with the ETC / USD pair now trading well above its 200-day moving average for the first time in over a year.
The ETC / USD pair may start to correct lower in near-term now that the bullish pattern on the four-hour time has reached its overall target, while the large bullish pattern on the daily time frame suggests the cryptocurrency could still trade much higher over the medium-term.
For a brief introduction to Ethereum Classic, check out our coin guide.
Ethereum Classic Chart
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Ethereum Classic has turned bullish over […]