Ethereum Classic price analysis: ETC/USD range bound in spite of greenish signals

  • ETC/USD technical levels remain positive hinting a breakout in the coming sessions.
  • It is essential that ETC/USD breaks above the range resistance in order to enter into a bullish zone.

Ethereum Classic is among the cryptos on the market showing green shoots. The market currently mixed red and green with most of the assets being in the red. For Ethereum Classic, the price has settled above the support recently established at $7.2. There have been attempts to correct higher but the price has been unable to make headway past $7.5 (range limit).

For now, the price is stuck within the confines of the range between $7.2 support at $7.50 resistance. As far as the technical levels are concerned, we are likely to see further upside movement before the market closes on Tuesday. Moreover, ETC/USD is dancing at $7.5 although the price is above both the 50 Simple Moving Average (SMA) and the 100 SMA 15’. The shorter term 50 SMA is likely to cross above the 100 SMA to signal a stronger bullish momentum.

Similarly, other indicators like the Relative Strength Index (RSI) are correcting higher towards the oversold. In addition, the Moving Average Convergence Divergence (MACD) in the same 15-minutes range is diverging higher in the positive territory to show that the bulls have control in the short-term. It is essential that ETC/USD breaks above the range resistance in order to enter into a bullish zone that could eventually allow it to test the supply zone at $7.9.

ETC/USD 15-minutes chart

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