Ethereum Classic price analysis: ETC/USD looks to peek above the upper Bollinger band curve


  • This Tuesday and Wednesday’s price action has brought the price above the $5 level.
  • ETC/USD is presently trending in an upward channel pattern.

ETC/USD is on course for charting three consecutive bullish days. This Wednesday, the price of the asset has gone up from $5.04 to $5.16. From Monday to Wednesday, ETC/USD has gone up from $4.88 to $5.16, charting a 5.75% growth in price in the process. Let’s look at the hourly breakdown for Tuesday and Wednesday. ETC/USD initially dropped to $4.89, where it found intraday support and flew up to $5.07. The price then dropped to $5.02 and trended around that territory for a bit before spiking from $5.05 to $5.17 in just one hour.

ETC/USD daily chart

fxsoriginal

ETC/USD is trending in an upward channel formation and has climbed above both the 20-day and 50-day Simple Moving Average (SMA 20 and SMA 50) curves. The latest session is looking to peek above the 20-day Bollinger Band. The 20-day Bollinger jaw has widened, which indicates increasing price volatility. The Moving Average Convergence/Divergence (MACD) indicates sustained bullish momentum, while the Elliott Oscillator has had three straight green sessions. The Relative Strength Index (RSI) indicator is trending around 63.40, next to the overbought zone.
 

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