Ethereum Classic Price Analysis: ETC/USD 10% surge falls short of the $10 key resistance


  • 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

 

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