Ethereum Classic price update: ETC/USD eyes $5 after defending $4.20 support
|- Ethereum Classic bulls refuse to stay in slumberland; ETC gains 1.26% on Tuesday.
- ETC/USD is trading below the 50 SMA, the 100 SMA and is grinding towards the descending channel resistance.
Ethereum Classic is among the few bullish digital assets on the market on Tuesday. The American session on Monday was characterized by overwhelming selling pressure not just for ETC but also for the rest of the coins. ETC/USD extended the bearish leg within a falling channel. The price explored lows under $4.4 before finding short term support at $4.2.
In the meantime, the recovery movement taking advantage of the short-term support at $4.2 boosted ETC above $4.4. The price is teetering at $4.442 and staring into the resistance at the 38.2% Fib level taken between the last swing high of $5.36 and a swing low of $4.02.
The descending channel has been tested severally on both sides but is yet to give in. Therefore, more resistance is expected at the channel resistance in addition to the 50 SMA on the 4-hour chart and the 100 SMA hurdles. The gap between the moving averages is expanding as a signal for existing selling influence.
The RSI in the same 4-hour range is attempting to resurface above the oversold region. The successful motion towards $50 and 70 respectively will place ETC on a trajectory to $5.
ETC/USD 4-hour chart
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