- Ethereum Classic (ETC) has been in recovery mode on Friday.
- The coin is positioned for a long-term growth after a technical correction.
Ethereum Classic (ETC) resumed the recovery on Friday and grew by over 5% in a matter of hours, At the time of writing, ETHC/USD is changing hands at $7.32, which is over 3% higher from this time on Thursday. Ethereum Classic takes the 21st place in the global cryptocurrency market rating with the current market value of $853 million and an average daily trading volume of $854 million.
ETC/USD: Technical picture
On the daily charts, ETC/USD recovery stalled on approach to the upper line of the daily Bollinger Band at $7.45. This local barrier is followed by a stif psychological resistance of $7.50 and the previous recovery high of $7.54. This area needs to be taken off for the recovery to gain traction. Once this happens, $8.00 will come into focus.
Considering the upward-looking RSI on the daily and weekly chart, the coin is moving within the bullish trend, however, the short-term picture implies the correction towards $7.00. This psychological barrier is reinforced by 200-daily SMA, also, it limited the sell-off on numerous occasions during this week. If it is broken, the sell-off may gain traction with the next focus on 100-day SMA at $6.50.
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.