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Ethereum Classic

ETHEREUM CLASSIC HAS TO OVERCOME THIS RESISTANCE FOR STABLE UPSURGES

Ethereum Classic managed to rally beyond the 23.6% Fibonacci zone after a 14% uptick in the past 24 hours. With the overbought conditions by the Relative Strength Index, market players anticipated a brief correction around the $53.7 resistance. However, buyers claimed their position, defending $50 before climbing towards the 50% FIB target. Meanwhile, if ETC manages to overpower critical resistance, the crypto will witness a continued push past the 61.8% FIB zone.

ETH Four-hour Chart

Ethereum Classic extended its uptrends beyond the 23.6% FIB following symmetric triangle breakout. Meanwhile, overall market sentiments appeared to favor bullish actions as the alt rose from its death cross on the daily price chart.

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As buyers magnify their actions, the alternative token might surge to the 38.2% FIB level without challenges. The Visible Range supports the optimism as it depicts weak resistance zones in the $52 – $57 range. However, Ethereum Classic encounters a significant selling momentum in its journey towards the 50% FIB from $57. That way, market players should expect some corrections in the region mentioned above as profit-booking might emerge.

Meanwhile, Ethereum Classic has to overpower some short-term obstacles to ensure uptrend momentum. For example, the resistance level between $57 and $58 (Visible Range’s POC) might cap the alt’s price advance. The region also suffered scalping threats.

Now What?

Meanwhile, the asset’s Awesome Oscillator alerted enthusiasts about a possible symmetric triangle breakout after creating a bullish twin high shape. Also, the index stayed at its highest point in more than three weeks. The DIM’s bullish cross coincided with the anticipated breakout. Moreover, a 32 reading on ADX confirmed more uptrend possibilities.

At the same time, the RSI’s overbought condition indicated probabilities of a short-term plunge since the asset hovers around the resistance at $53.7.

Conclusion

For now, analysts expect a slight dip from the price barrier at $53.7 before rebounding immediately after the Relative Strength Indicator stabilizes. From here, ETC’s movement towards the 61.8% FIB will rely on how the asset will interact with the resistance at $57 to $58.6. Overpowering this obstacle can witness the crypto recording stable uptrends.

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