Ethereum Classic Price Analysis: ETC/USD retests channel resistance as bulls wake up
|- Ethereum Classic onboard the bullish bandwagon with an aim of breaking an ascending channel resistance.
- ETC/USD is prime for more bullish action as technical indicators such as the RSI and MACD flash ‘buy signs.’
Ethereum Classic is trading 3.21% higher on the day amid a cryptocurrency market experience, a massive return of the bulls. Major digital assets such as Bitcoin and Ethereum are recording formidable gains as well. The entire crypto market is in the green with most cryptoassets aiming for new April highs and to start the month of May on a positive note.
In the meantime, Ethereum Classic is trading at $6.36 and grinding closer to an ascending channel resistance. The recent break above $6.00 stepped beyond the 200-day SMA. Buyers are particularly encouraged by the price trading above the 50-day SMA and 200-day SMA as it gives them confidence that ETC/USD is in a bullish phase.
All technical indicators point towards continued upward movement especially with the RSI about to enter the overbought region. Because the indicator is not overbought yet, Ethereum Class still has room for more upside action. Trading above the channel resistance could also culminate in gains likely to test the resistance at the 38.2% Fib level, taken between the last swing high of $13.20 to a low of $3.34. On the downside, former resistance zones at $6.00 and $5.00 will function as key support areas in the event of a price reversal.
ETC/USD price chart
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