Ethereum was trading above $450 while Bitcoin quickly moved to $16,200, after a brief dip to $15,800. Further down the crypto-ladder, Ethereum Classic was supported by buyer interest and a strong zone of support under it as it attempted to move towards $5.2. While EOS faced an important level of resistance and could be set to gain or drop by 3% in the coming hours, VeChain was on a steady downtrend and could note losses over the coming days.
Ethereum Classic [ETC]
ETC has traded within the $4.8 and $5.6 range since early-September, forming a rectangle pattern (yellow). The boundaries of this pattern offer opportunities to open short and long positions, with the mid-point of the range being a take-profit target.
The past few weeks have seen steadily increasing buying volume for ETC, as shown by the OBV, suggesting that a breakout from the pattern was more likely to occur towards the upside.
And yet, there was no sign yet of a breakout. Hence, a