ETC Price Analysis: Ethereum Classic Pumped to Breach $20 Res Level

  • ETC surged throughout the day increasing from $15.89 to $18.33
  • The RSI of ETC is 59.55%, which indicates an overbought condition.

With the Ethereum Classic (ETC) price currently moving at $18, which indicates a surge of 13% over the last 24-hours, indicating a quantitative price analysis is optimistic.

As the bulls continuously dominates the market, the price of ETC surged throughout the day, increasing from $15.89 to $18.33 at the time of writing.

Added to this, the market volatility of ETC is reflected on the market cap and 24-hour trading volume. Moreover, both the marketcap and trading volume both has surged steadily. 

Market capitalization is up by 13.33% to $2,512,355,177 while the trading volume increased by 291% to $300,705,691, showing an upswing in interest in the ETC market that could result in more price rise in the near term.

ETC/USD 1 DAY Trading chart (Source: TradingView)

The Ethereum Classic coin confirms the price surge, as per the daily chart price analysis, and the price moves bullish over the past 24-hours. 

ETC/USDT Trading chart (source: Trading View)

As per the ETC’s price analysis, a break of resistance at current levels will confirm an uptrend, giving rise to further gains in the near future. In light of the strong support over $14, investors may profit from further buying at this level.

For bullish momentum to continue, ETC’s price must stay above $18. In case, ETC breaches this level may create a bearish trend that will push prices lower in the near future.

On the daily chart, ETC trades above the 100 SMA, suggesting a continuation of bullish momentum. Additionally, the ETC’s price is trading above its 200 SMA, representing that buyers remain confident about further profits in the near term. In current conditions, the Relative Strength Index (RSI) is 59.55%, which indicates an overbought condition.

Based on the Fib retracement levels, bulls may encounter some resistance between $18.5 and $20 in the near term, which could impede future gains. Breaking above this level could guarantee an uptrend, as it denotes a crucial support and resistance level.

Furthermore, the increasing volume is also a good sign as it indicates a surging interest in ETC by traders. If bulls can sustain their momentum, the ETC may target to reach new highs near $25 in the near term.

Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.