- Ethereum Classic holds onto the ascending channel support.
- The technical picture remains positively intact even as the bulls push towards the $5.2 resistance.
Ethereum Classic is among the dew bulls daring to walk through a sloth of bears on a stormy night. As discussed yesterday, the uptrend within the ascending channel has played a major role in the recovery from December lows at $3.40. ETC/USD has also managed to stay above the 100 SMA while the 50 SMA stood out strongly against the shallow reversal witnessed on Wednesday.
The upward-pointing RSI is likely to breach the 70 level into the overbought region. Moreover, the MACD bullish cross cements the presence of the buyers in the market and the influence they still possess over the price.
In retrospect, the buyers must ensure that the short term support at $5.00 is defended at all costs. Consolidation above this level will allow them to focus on the resistance at $5.2 and the milestones heading to $6.00.
ETC/USD 4-hour chart
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