Ethereum Classic on full throttle: ETC breaks away from Bitcoin and the park


  • Ethereum Classic defies the general trend to post impressive gains.
  • ETC/USD is pushing the throttle to the maximum; investors eye $10.

In a Bitcoin bearish market, Ethereum Classic defies the general trend to post impressive gains. In fact, the crypto has been breaking one barrier after another from Monday this week. A glance at the hourly chart shows a new uptrend pushing the limits north.

The recent correction above both the 50 Simple Moving Average and the 100 SMA fueled a surge in an engulfing candlestick. The price action struggled with the intense concentration of sellers at $6.4. A lower leg correction from the resistance dived under $6.0 but rebound occurred on touching the 50 SMA.

Read also: Bitcoin will be worth a lot more in 5 years: Spewncer Bogart to Bloomberg

At press time, ETC/USD is pushing the throttle to the maximum. The bounced above $6.4 resistance encouraged the bulls to increase positions. Trading at $6.53, ETC is backed by strong positive technical levels. The Moving Average Convergence bullish divergence is at its highest compared to the last two months. In addition, the Relative Strength Index (RSI) is making an entrance into the overbought.

Potential for growth above $6.6 is quite high but a movement to $10 level will require Ethereum to establish higher support. A catalyst will definitely catapult the price above the hurdle.

ETC/USD 1-hour 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin attempts a dead cat bounce amid a descending channel

Bitcoin (BTC/USD), the most dominantly traded cryptocurrency, is seen attempting minor recoveries on the 9900 handle, having extended the recent declines to 9,850.65, in the wake of a symmetrical triangle breakdown on the hourly sticks seen on Saturday.

More Bitcoin News

Top 3 Coins' Price Prediction: Bearish bias intact despite tepid recovery attempts

The world’s no. 1 digital coin, Bitcoin, is seen driving the broader market. However, the third most traded cryptocurrency, Ripple, fails to benefit, as it continues to lose nearly 4% so far this Sunday. 

More Cryptocurrencies News

Bitcoin Cash: Choppy inside falling wedge, with limited upside

Bitcoin Cash (BCH/USD) breached Thursday’s low of 302.41 but managed to hold the 302 handle before staging a comeback.  Despite the latest recovery attempt, the price is down 3% in the last 24 hours.

More Bitcoin Cash News

IOTA technical analysis: Sell the bounce, as bears still eye 0.2550/25

IOTA (IOT/USD), the 17th largest cryptocurrency, risks further downside in the near-term amid bearish technical setups on different time frames. 

More IOTA News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin weekly forecast: Let the altcoin season begin

All major altcoins demonstrated strong growth while Bitcoin reluctantly oscillated in a tight range and stayed vulnerable to bearish sentiments. The first digital currency spends the best part of the week hovering around $10,200 level.

Read the weekly forecast

BTC

ETH

XRP