Ethereum Classic: ETC/USD lags falling triangle breakout

By January 31, 2020 Ethereum
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  • Ethereum Classic price settles in consolidation between $11.50 and $12.50.
  • ETC’s delayed triangle breakout is the key to breaking the resistance at $12.50 and $13.00.

Ethereum Classic is dealing with increased selling activity at the beginning of the European session on Friday. The price is down 2.13% on the day, after the digital asset opened the session at $12.26. The expanding volatility and the expanding volatility mean that the bears are focused on gaining more traction gains the bulls.

Ethereum Classic looks forward to Phoenix Day

The Ethereum network is gearing up to full bytecode compatibility with Ethereum mainnet. The day selected for the grand hard fork is March 25, 2020. It has been decided that this day be known as the ‘Phoenix Day’ representing the Ethereum Classic Phoenix Hard Fork. Developers associated with the Aztlán hard fork upgrade are hoping that they will get adequate social consensus to carry out the upgrade as scheduled. Ethereum Cooperative assured the community via a blog post:

As long as we can gather adequate human consensus we remain on track to deliver full byte-code compatibility with the ETH mainnet on 25th March 2020, at block 10,500,839, which I am suggesting we call Phoenix Day.

Ethereum Classic technical picture

At the time of writing, ETC is trading at $11.98 after a bearish correction from weekly highs of $12.86. Its immediate upside is limited by the 50 SMA on the 1-hour chart. On the other hand, the downside is supported by a falling triangle’s support.

Although ETC is in favor of a sideways trend at the moment, it is important that the bulls push the price above the triangle support. A move like this could ensure that the delayed breakout comes into the picture and allows ETC to tackle the resistance at $12.50and $13.00. The sideways trading is highlighted by the leveling RSI movement slightly under 50. If declines continue, support is expected at $11.50, $10.50 and $8.00.

ETC/USD 1-hour chart

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ETC’s delayed triangle breakout is the key to breaking the resistance at $12.50 and $13.00.

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