- Ethereum Classic (ETC) pulls out of intraday high, stays in green zone overnight.
- The daily RSI is sending positive signals, however, the price should climb above $ 7.00 to improve the situation.
Ethereum Classic (ETC) hit the intraday high of $ 6.71 before falling back to $ 6.58 at press time. Despite the hindsight, ETC is still in a green zone. The coin has gained over 2.5% both overnight and since the start of the day. It is now one of the best performing parts among the top 30. Ethereum Classic now ranks 27th in the global cryptocurrency market rating with a current market cap of $ 774 million. An average daily trade volume is recorded at $ 623 million, in line with the long-term average.
ETC / USD: the technical table
On the daily chart, ETC / USD is attempting to break through a strong resistance zone created by a combination of SMA100 and SMA200 as it approaches $ 6.60. Once this barrier is crossed, the upward momentum can be extended to psychological $ 7.00. A sustained move above this area will improve the technical situation in the short term and allow the upside to gain ground with the next focus on $ 7.40 (the upper line of the 4-hour Bollinger Band) and 8, $ 30 (the recent peak of recovery reached in Aug. 2).
On the downside, initial support sits at Tuesday’s low of $ 6.38. This barrier coincides with the lower lines of the daily and hourly Bollinger Bands located. If the bears manage to push the price below this area, the sell can be extended to $ 6.00. However, the rising trending RSI on the daily chart indicates that the coin has strong bullish potential and could be in a further rally.