Ethereum Classic Price Analysis: ETC/USD gets ready for a jump to $7.00
- ETC/USD broke from the intyraday Bollinger Band.
- The support of $6.00 will be used as a starting point for a rally.
Ethereum Classic, the 21st largest digital asset with the current market value of $727 million, has barely changed in recent 24 hours and gained ove 1% since the beginning of Friday to trade at $6.25 at the time of writing. ETC/USD has been oscillating in a tight range since the start of the week amid slow trading activity across the board.
ETC/USD: Technical picture
On the intraday charts, ETC/USD briefly jumped above the upper line of the 1-hour Bollinger Band (BB) and came close to 1-hour SMA200 at $6.33. While the upside proved to be unsustainable, the short-term bias is still bullish with the intraday RSI poining upwards. The next local resistance created by $6.30, once it is cleared, the coin will retest the recent high reinforced by 4-hour SMA50 and proceed with the recovery towards $6.60. This barrier is created by a combination of 4-hour SMA100 and SMA200.
On the downside, the initial support is created by Thursday's low of $6.18. It is closely followed the psychological $6.00 and the weekly low at $5.99. The daily SMA100 and the lower boundary of the daily BB are also located right below $6.00. This area may limit the sell-off and serve as a jumping-off ground for a recovery on the weekend. If it is broken, the price will continue move lower towards $5.30, which is the lower boundary of the previous consolidation channel.
ETC/USD 4-hour chart
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Author
Tanya Abrosimova
Independent Analyst
