Ethereum Classic Price analysis: Reaction to a double-top still in play
|- Ethereum Classic is defiantly bullish in a market-facing fresh bearish pressure.
- The 61.8% Fib level stands out as key support as ETC bounces from towards $5.0.
Ethereum Classic is defiantly bullish on the day when cryptos are struggling with rising selling pressure. ETC is up a subtle 1.16% on Thursday. After opening the session at $4.81, the bulls pushed it to highs around $4.9 before the market forced adjusted the price to the current $4.86.
The recent rally staged from the lows at $4.035 hit a snag at $5.2. Pressure on the price led to a shallow reversal. The correction was also part of a reaction to a double-top pattern. The downside has, however, lost steam at the 61.8% Fib retracement level.
The price is also supported by the ascending trendline in addition to the support from the Simple Moving Averages (SMAs) likely to come in handy at a later stage. As long as the Relative Strength Index (RSI) holds above the average, the bulls are likely to remain in control.
ETC/USD 240’ 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.