Ethereum Classic price analysis: ETC/USD fireworks send it to 4-month high
|- Ethereum explodes in fireworks to sit above $7.00 key level.
- A correction above the moving averages is likely to ignited a trend reversal above $8.00.
Ethereum Classic is pushing the limits in a bullish market with formidable gains. The trading over the weekend pulled ETC/USD above key resistance levels $5.75, $6.00 and $7.0. The gains exploded to brush shoulders with $8.00 before correction begun.
Meanwhile, Ethereum Classic is dancing at $7.10 following the drop below both the 50 SMA 15-minutes and 100 SMA 15-minutes. The status of the market says that Ethereum Classic will stay in a range above $7.00.
Technical indicators have been positive but are currently horizontal. Take the RSI, for example, is ranging at 42 after hitting 90.00 over the last weekend. The 50 SMA sliding below 100 SMA shows that upside movement is going to be limited.
A correction above the moving averages is likely to ignited a trend reversal above $8.00. In terms of support levels, ETH/USD is supported at $7.00 and at $6.75 in near-term. If declines progressed the former resistance levels will function as key support areas.
ETC/USD 15-minutes chart
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