Ethereum Classic Stops For Gas, Along With Bitcoin And Doge, On Bullish Moon Trip – Yahoo Finance

Ethereum Classic Stops For Gas, Along With Bitcoin And Doge, On Bullish Moon Trip – Yahoo Finance


On Saturday morning Ethereum Classic (CRYPTO: ETC), along with apex cryptocurrency Bitcoin (CRYPTO: BTC) and the ever-popular Dogecoin (CRYPTO: DOGE), was consolidating Friday’s bullish trek north. All three cryptos have recently had a relative strength index (RSI) of over 70% which puts them into overbought conditions for technical traders.

A cryptocurrency, like a stock, always enters into a period of consolidation after either a large incline or decline. Ethereum Classic rose 137% between its June 22 low of $32.17 and its Aug. 15 high of $77.37. Although bulls would love to see the original Ethereum version ‘moon’ it will need to stop for gas along the way.

See Also: How to Buy Ethereum Classic

The Ethereum Classic Chart: On Aug. 7 Ethereum Classic broke up from a descending trendline that had been holding the crypto down since June 3. After busting up through the trendline Ethereum Classic soared about 46% over the course of nine days.

When the crypto reached its $77 high its relative strength index measured in at 79% which was a sell signal. The crypto then retraced about 22%, which cooled its RSI down to a much more comfortable 57%, before making another bullish move up.

In its consolidation Ethereum Classic has created another descending trendline which it has now rejected on
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