- Ethereum Classic leads the weekend rally, adding over 10% to its value on Sunday.
- ETC/USD is trading between the 50 SMA resistance and the 100 SMA resistance.
Ethereum Classic 10% surge on Sunday towers above the horizon of the crypto landscape. The gains come after continuous bearish action on Saturday. Ethereum Classic found support above $8.0 after spiraling from last week’s high at $12.
The bullish action on Sunday is not unique to Ethereum Classic. Bitcoin, for instance, climbed above $9,000, Ethereum cleared the resistance at $175 but lost steam at $177 while Ripple stepped above $0.25, although the price has adjusted to $0.2479.
Ethereum Classic market value stands at $9. The immediate upside is facing resistance from the 50 SMA on the 1-hour chart. Also capping the upside is the 61.8% Fibo of the last drop from $12 to $5.4.
The crypto is seemingly trading sideways between the above-mentioned 61.8% Fib level and 50% Fibo. The downside is initially protected at the 50% Fibo aided by the 100 SMA. The previous support at $8.0 will still come in handy but if push comes to shove and declines continue, $7.0 and $5 levels are expected to come to the rescue of the bulls.
ETH/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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.