- Ethereum Classic intends to bring down the resistance at $7.30 in a bid to pave the way for gains eyeing $8.00.
- ETC/USD is in the bulls’ hands based on the RSI and the MACD movements above their midlines.
Ethereum Classic has had an interest weekend session. First extending the bullish action above the support at $7.00. The bullish leg, although focused on bringing down the resistance at $8.00, hit a wall at $7.30. This led to losses that dived briefly under $7.00 before embracing support above $6.90.
Recovery has been steady in the last 12 hours with ETC/USD containing the price action within a short term ascending channel. The price is back to trading above $7.00 in addition to holding beyond the moving averages (50 SMA and the 100 SMA).
The trend at the time of writing is in the bulls’ hands with Ethereum Classic being forced to rise to highs past $7.20. The next target is obviously the resistance at $7.30. However, a break above the ascending channel resistance would culminate in a rally towards the critical hurdle at $8.00.
For now, buyers will remain in control and if the technical picture continues to improve, we can expect the bullish leg to draw closer to $7.30 in the upcoming European session. On the downside, initial support is seen at $7.150. Other key support areas include $7.05 and $6.90 respectively.
ETC/USD 15’ chart
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