Ethereum Classic (ETC) Price Watch: Steeper Climb Underway with Coinbase & Robinhood?
Ethereum Classic Price Key Highlights
- Ethereum Classic price got a big boost after Coinbase and Robinhood added the asset to their trading offerings.
- Price is trending higher inside an ascending channel on the 4-hour chart and is testing the resistance.
- A break past this channel top could pave the way for an even sharper rally, but technical indicators have yet to catch on.
Ethereum Classic is testing the top of its ascending channel and a breakout could lead to a steeper uptrend from the latest catalysts.
Technical Indicators Signals
The 100 SMA is below the longer-term 200 SMA to suggest that the path of least resistance is to the downside. This means that there’s still a chance for sellers to return and allow the channel top to keep gains in check.
RSI is already in the overbought zone to signal that buyers are feeling exhausted at this point. Turning lower could bring sellers in and Ethereum Classic price might follow suit once the oscillator moves south. Similarly stochastic is indicating overbought conditions and looks ready to move back down.
In that case, Ethereum Classic could still pull back to the bottom of the channel around $16 before regaining more bullish traction. This is also near the dynamic inflection points at the moving averages. A break past the top, however, could lead to a sharper price rally.
ETCUSD Chart from TradingView
Ethereum Classic price got a strong boost from news that Coinbase will be adding the digital asset to its tradeable cryptocurrencies, along with bitcoin and other top-traded altcoins. Robinhood also made the announcement and added Ethereum Classic to its options a day ahead of Coinbase.
This could mark the start of stronger volumes and increased activity for this particular cryptocurrency as these platforms have a pretty wide reach and continue to expand their market.
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by Sarah Jenn on August 07, 2018 at 10:43AM