It’s a green day in the cryptocurrency market. Ethereum Classic (ETC) is trading up alongside the majority of Altcoins. At the time of writing, ETC was trading at $55.21, up 24.61% in the last 24 hours and 52.32% weekly. Ranking 21st largest, Ethereum Classic has a present market cap of $6 billion and $3.13 billion in trading volume over 24 hours. Ethereum Classic’s recent rebound follows off the news of Digital Currency Group (DCG), the parent company of Grayscale Investments, authorizing the purchase of up to a total of $50 million worth of shares of Grayscale Ethereum Classic Trust on June 21. Ethereum Classic has since ticked higher, reaching intraday highs of $58.88 on June 29. Ethereum Classic Magneto upgrade which will help save users on gas fees and improve security is also scheduled to launch in late July.
Key Levels
Resistance levels: $100, $80, $60
Support Levels: $50, $30, $20
ETC/USD Daily ChartEthereum Classic is approaching the capping MA 50 at $64 after improving off the lower support at the $32 level on June 22. Ethereum classic, shortly after it logged its all-time-highs at $175 on May 6, has been trading in a ranging market between $32 and $74. That said, the RSI is rising towards its 50 neutral thresholds is promoting extended consolidation.
Pushing up, initial limitations may arise from the $64.11 area, that being the MA 50 until the $83 barrier. Climbing higher the tough resistance section of $115-$175 involving the mid consolidation area resistance and the all-time-high, could try to suppress further advancing in ETC price. Alternatively, steering the price downwards may hit early support at the $40 level. Next, the formed foundation of MA 200 ($29) to the $32 level may attempt to rescue the positive bias.
ETC/USD 4-Hour ChartETC declined in mid-June to levels just above the $32 psychological number, forming a base for the lows. Bulls brought ammunition on June 28 pushing above the MA 50 at $41.46. Overcoming the MA 50, they then encountered the MA 200 wall slightly higher at $56.05. The RSI presently located in the bullish territory is heading for overbought regions. Surpassing the MA 200 ($56.05) and the immediate barrier at $58.88, the ETC/USD pair could rise to a resistance region of $83 to $135.
If the bulls dominate, climbing higher could have ETC price retest the all-time high of $175. Alternatively, a shove below the MA 200 would target the intermediate barrier around $48.59. Further declines could have price stall at the MA 50 ($41.46) ahead of the $37.53 support area. Falling further, the ETC price could then come to rest at the $32.17 support. Overall, a nudge above the moving averages may strengthen the neutral-to-bullish picture.
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