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Here's Why Ethereum Classic Could Make A Large Move In Either Direction

Ethereum Classic (CRYPTO: $ETC) is the old version of Ethereum (CRYPTO: $ETH) before the company switched to the proof of stake platform.

With the recent dip in the entirety of the crypto market, Ethereum Classic lost some gains, but has since made some of it back. Now, Ethereum Classic could find support near a previous resistance level and possibly start moving higher.

Ethereum Classic was down 3.33% at $56.25 at last check Wednesday afternoon at publication.

etcdaily6-16-21.png

Ethereum Classic Daily Chart Analysis:

Key Levels To Watch:

The pennant pattern that formed has not seen a large move in either direction as of yet.

  • If the volume does not come into Ethereum Classic, then the crypto may fade until it reaches an old resistance.
  • Following the breakout, the $40 level was previously held up as resistance and the crypto has found support near this level multiple times. And, this area may now hold as support.

What’s Next?

Bullish technical traders would like to see Ethereum Classic get some volume and see a push higher. The breakout of the pennant pattern could still happen although the stock is not trading within the pennant pattern.

Bearish technical traders would like to see Ethereum Classic see a strong push down. It could also see a break of the pennant pattern to the downside. If Ethereum Classic falls more, bears would like to see it break below the $40 level and then hold it as resistance once again for further downward moves.

(Photo: Ethereum Classic)

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