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Ethereum Classic Price Analysis: ETC/USD jumps by 5% in a matter of hours, further recovery is limited

  • 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 Price Analysis: ETC/USD jumps by 5% in a matter of hours, further recovery is limited
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

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.

ETC/USD daily chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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