Ethereum Classic (CRYPTO: ETC) was trading more than 4% higher on Wednesday in a relief bounce propelled by Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which were trading up over 2% and 4%, respectively, on Wednesday afternoon.
The cryptocurrency sector has been in turmoil since Nov. 10 when Bitcoin and Ethereum reached new all-time highs of $69,000 and $4,867.81, respectively, before entering into long-term downtrends. Comparatively, Ethereum Classic has been weaker than the apex cryptocurrencies, unable to make any meaningful recovering back toward its May 6, 2021, all-time high of $175.
Ethereum Classic could be in for a larger reversal to the upside if the crypto is able to buck a trendline that has been holding it down since Nov. 11 and on Wednesday, the Ethereum Classic was attempting to make the break.
The Ethereum Classic Chart: The descending trendline is most likely a recognized pattern for the algorithms and bots programmed to trade the crypto because it has tested the line as resistance 16 times previously and rejected. A trendline is considered to be valid when it acts as support or resistance at least three separate times on a given time period.
On Wednesday, Ethereum Classic looked to be in the process of printing a bullish Marubozu candlestick on the daily chart while trying to break up from…
