Ethereum Classic: ETC/USD remains range-bound as bulls push for a breakout
|- From June’s high at $9.91, Ethereum Classic price action has been downtrend.
- The prevailing consolidation is brewing the next surge towards $10.00.
Ethereum Classic remains in the green although the cryptocurrency market suffering under rising selling pressure. From June’s high at $9.91, Ethereum Classic price action has been downtrend. Several support levels have shown resilience but declines have been overbearing. Continued pressure on key support levels saw Ethereum Classic dive under $5.5.
There was rock-solid support at $5.5 which thrust ETC upwards. Glancing higher the bulls failed to breach $6.5 hurdle. The high volatility levels in the past two weeks have been detrimental to the larger cryptocurrency asset class. However, Ethereum Classic managed to whether down the declines gradually staying within a narrow range ($5.5 - $6.5).
At press time, ETC/USD is trading at $6.08 just marginally above the Bollinger Band 1-hour Middles curve. Moreover, the price is below the moving averages where the 100 Simple Moving Average (SMA) 1-hour is limiting gains at $7.24 and 50 SMA 1-hour at $7.38.
According to the technical levels, prevailing consolidation is brewing the next surge towards $10.00. The Relative Strength Index (RSI) continued to hold above the oversold amid a gradual upward slope. The Moving Average Divergence Convergence (MACD) also points towards a positive price action in the near-term.
ETC/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.