Ethereum classic market update: ETC/USD trendline resistance must be shuttered
- The trendline resistance is the only barrier standing between ETC and a breakout.
- The sellers must defend $4.3 support by all means to avoid losses that could test $4.00 support.
Ethereum Classic is among the assets in the green on Thursday. The Asian session was arguably fruitful for ETC as the price jumped above the short term resistance at $4.4. A further push towards the trendline resistance stalled. Instead, XRP adjusted to the current market value of $4.37.
The price is doddering below the Simple Moving Averages on the 4-hour chart. The 50 SMA is cementing the sellers' position at $4.6 while the 100 SMA is holding ground at $4.8. The increasing gap between the indicators shows that sellers still have influence over the price.
The full stochastic oscillator has embarked on a journey towards 30. This is after the momentum witnessed in the Asian session fizzled out at 50. If the indicator grinds into the oversold, there is chance that ETC will reverse towards the key support at $4.20 - $4.00.
ETC/USD 4-hour chart
-637099054892987232.png&w=1536&q=95)
-637099054892987232.png)
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
