Ethereum Classic Technical Analysis: ETC/USD ramping as markets prepare for the Ethereum hard fork
- Ethereum Classic is the darling of the crypto market
- ETC/USD is up over 13% over the last two sessions
- Could 7.50 be a barrier for a move higher
Ethereum Classic is really benefitting from the Ethereum hard fork which is scheduled to be enacted in just over a months time.
Today priced bounced off the 5.5000 level and pushed with some force toward the next resistance at 7.5000. This level has been used to great effect five times over the life span of the 4-hour chart above.
Both indicators (MACD/Stochastic) turned sharply higher 35K contracts exchanged hands within the last 48 hours. The social media bulls have touted a rally to 10k but this must be taken with a pinch of salt.
10,000 is a key level on the weekly chart as the last rally was halted at the psychological level. The market cap of the coin has risen dramatically in the last 24 hours to reach USD 114 thousand. At the moment the psychological 7.000 resistance is holding up further gains.
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
