Ethereum Classic Price Analysis: ETC/USD reaches its highest level since October 2018
- ETC/USD reached intra-day highs of $12 this Friday.
- Over the last four days, ETC/USD rose by a staggering 83.5%.
ETC/USD daily chart
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ETC/USD bulls retained their overwhelming control over the market for the fourth straight day as the price went up from $8.40 to $10 this Friday, including an intra-day high of $12. In the process, it reached its highest price level since October 2018. Over the last four days, ETC/USD spiked from $5.45 to $10, charting an 83.5% rise in price.
Technical analysis shows us that the price is comfortable hovering above the green Ichimoku cloud, 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20. The Moving Average Convergence/Divergence (MACD) shows increasing bullish momentum, whole the Relative Strength Index (RSI) is hovering deep in the overbought zone at 92.40. This shows us that a lengthy period of price correction may be around the corner.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
