Ethereum Classic Price analysis: Reaction to a double-top still in play


  • Ethereum Classic is defiantly bullish in a market-facing fresh bearish pressure.
  • The 61.8% Fib level stands out as key support as ETC bounces from towards $5.0.

Ethereum Classic is defiantly bullish on the day when cryptos are struggling with rising selling pressure. ETC is up a subtle 1.16% on Thursday. After opening the session at $4.81, the bulls pushed it to highs around $4.9 before the market forced adjusted the price to the current $4.86.

The recent rally staged from the lows at $4.035 hit a snag at $5.2. Pressure on the price led to a shallow reversal. The correction was also part of a reaction to a double-top pattern. The downside has, however, lost steam at the 61.8% Fib retracement level.

The price is also supported by the ascending trendline in addition to the support from the Simple Moving Averages (SMAs) likely to come in handy at a later stage. As long as the Relative Strength Index (RSI) holds above the average, the bulls are likely to remain in control.

ETC/USD 240’ chart

 

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