Ethereum Classic (ETC) is on the verge of a big move. It has to break out of the descending triangle now. We have seen in the past that descending triangles have led to significant declines most of the time but they can still break to the upside to stage a fakeout rally.
The 4H chart for ETC/USD shows us exactly why that could happen this time in the case of Ethereum Classic. The price has found a strong support zone in the Ichimoku cloud. The price remains above the 50 EMA on the 4H chart and is now struggling to break past the 21 EMA which I like to call the accelerator EMA. Once the price declines below the 21 EMA, it falls quickly and once it rises above it, it shoots up quickly most of the time.
Technical indicators are favorable for a bullish breakout in Ethereum Classic near term. We can see that the MACD is about to see a bullish crossover. On the Stochastic front, we are looking at %K climbing above %D which is a sign that we might see near-term bullishness in the market. RSI has also been trading sideways and now seems to have bottomed out. All of these factors indicate that ETC/USD may be ready to rally higher in the near future.