Ethereum Classic: ETC/USD defies the Bear pressure, jumps 1.3% on the day
- A break above the critical resistance could test the upper long-term supply area at $21.00.
- The majority of Ethereum Classic trading takes place on OKEx exchange.
While most of the cryptocurrencies are trimming the weekend gains, Ethereum Classic is extending gains on Monday. ETC/USD is correcting higher and the chart shows a 1.3% rise on the day. The price has been recording higher lows and higher highs since mid-June. Besides, it is testing the critical resistance at $19.00 - $20.00.
The gains are also capped by the 50% Fib retracement level with the last swing high of $25.31 and a low of $12.28 slightly below $19.00. However, the sellers are fighting to take back control but the buyers are pushing with their eyes glued to trading above $20.00. Ethereum Classic is immediately supported at $18.00, although it is exchanging hands at $18.4 at the time of pressure.
The bullish momentum is still present, for instance, the stochastic RSI is at 50% while it is advancing upwards, which means buying power is available. ETC/USD is trading above both the 50 SMA and the 100 SMA. The gap between them is widening to show that the Bears are seeking an entry above $18.00. A break above the critical resistance could test the upper long-term supply area at $21.00, which could culminate into another surge towards $25.00.
Ethereum Classic is ranked the 15th digital asset in the market. It has a market capitalization of $1.9 billion while the trading volume stands at $244,575,000 in the last 24 hours. The majority of Ethereum Classic trading takes place on OKEx exchange which controls 14.78% and 13.37% of all total volume in ETC/USDT and ETC/BTC trading pairs respectively.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
