Ethereum Classic Price Analysis: Showing 7% Surge, ETC Moves from $5 to $6 within 5 Days of Trading

Ethereum Classic Price Analysis: Showing 7% Surge, ETC Moves from $5 to $6 within 5 Days of Trading
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ETC Price Analysis – July 24

Looking at the current market, it seems that Ethereum Classic is slowly coming back in the game of surging trends as the coin has shown sudden jumps within the last 5 days.

ETC/USD Market

Key Levels:
Resistance levels: $8, $9, $10
Support levels: $3.3, $2.3, $1.3

ETCUSD – Daily Chart

ETC price is now trading above $5 and may continue to move upwards till the end of the week should the price move and cross the upper side of the descending wedge. Mere looking at the chart, ETC may close this month on a better note as the price may trade at or above the resistance level of $7. But the current market performance of the coin is progressive and inspires investments.

ETC/USD trading pair has maintained a shallow uptrend from the lows traded last week around $5.27. There is a higher chance that ETC may likely find support at $3, $2 and $1 but upside to remain capped at $8, $9 and $10 respectively. The stochastic RSI goes into the overbought area, while the Relative Strength Index (RSI) is moving at level 40.

ETC/BTC Market

Watching it against Bitcoin, the price action appears to be in a downtrend, following the recent low break scenario owing to Bitcoin’s fall. Few of the top 20 coins suffered a double-drop than the leading global currency. Currently, ETC price is trading at 623SAT price level.

ETCBTC – Daily Chart

Moreover, Ethereum Classic has been trending below the descending channel and it may likely break out of the channel. A retracement could hit 571SAT, re-testing the lower trend line. Still, the major resistance level is 749SAT and above. The daily Stochastic RSI is already in the overbought zone – a sign of selling pressure. But MACD is still generating bullish signals.

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About AzeezMustaph

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.