ETC/USD technical analysis: Ethereum is trading nearly 8% higher as we head to the Asian session

Ethereum Classic is trading 8% higher as crypto sentiment improves.
The 1-hour chart is moving away from overbought territory.
Next up is the psychological level of 7.000 and a trendline resistance.

Rajan Dhall, MSTA FX Daily

Ethereum Classic is having a great session today rising nearly 8% in line with the general positive crypto sentiment (1-hour chart above).

ETC/USD has stopped ahead of the psychological 7.000 level as sellers come in to slow momentum.

The RSI is still in an upward trajectory and is currently falling back from the overbought zone but after a retracement could still break higher.

The daily chart below is looking positive and the next resistance 7.525 looks strong as it has been tested and rejected four times in recent history.

The RSI is also in a more neutral zone and could have more space to move to the upside. On the volume front, it seems buyers have carried enough momentum for the price rise to continue higher but the psychological 7.000 level needs to be taken out first.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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