Ethereum Classic is trading higher Friday, as it is moving higher with other popular cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, and Dogecoin.

Ethereum Classic price looks to be forming a cup pattern inside of a sideways channel. The price is now starting to approach a previous resistance level.

What’s Next For Ethereum Classic?

The cryptocurrency trades above both the 50-day moving average and the 200-day moving average, indicating recent sentiment has been bullish.

These moving averages may both hold as an area of support level in the future.

The $80 level has held as resistance multiple times in the past and may act as a resistance level again as the price nears the level. The cup may hold as support as the stock continues its price upward push.

The Relative Strength Index also has been moving higher and now sits at 63. This shows that there has been more buying pressure in the stock than selling pressure.

Bullish traders are looking to see Ethereum Classic prices continue to move higher above the cup pattern. Bulls are looking to see the price cross above the resistance level and be able to hold above the $80 level.

Bearish traders would like to see Ethereum Classic's price fall below the cup pattern and head back toward $40 support. Eventually, bears would like to see the price fall below the $40 support level and hold as a resistance level. This could cause a further downward push.

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