Ethereum Classic Price Analysis: ETC has broken a key intraday trendline
- ETC is trading over 4% higher on the session as crypto sentiment improves.
- The price has now broken a key intraday trendline and could push higher.
ETC/USD 4-hour chart
Ethereum Classic is having a good session on bank holiday Monday (UK) as the crypto major is one of the best performers. The price has now pushed past the black trendline on the 4-hour chart below which could indicate the price might move back to the highs.
The psychological 7.00 level is now the next resistance and it has been somewhat of a pivot zone during the previous consolidation. In a classic technical move, after the price broke through the trendline it came back to test it before the move higher. When doing that, the 200 simple moving average was in close proximity and was also used to bolster support zone.
Looking closer at the indicators at the bottom of the chart, The Relative Strength Index indicator has pushed through the 50 mid-line which is a bullish sign. There is still space for a move into the overbought area. If anything the bulls would have been happier with slightly more volume on the break, as this would have increased the chance of a higher upside test.
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Additional levels
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.
