- Ethereum Classic is unstoppable; bulls rendezvous point remains at $10.
- Technical signals are positive despite the overbought condition.
Ethereum Classic has reignited the bullish momentum adding more than 7% in gains on Friday. The bullish action commenced towards the end of the Asian session and seems to be gaining momentum during the European session.
The crypto currently holds the 15th spot on the market. ETC has a market cap slightly above $1 billion and a 24-hour trading volume of $2.7 billion. Data on CoinMarketCap show that Ethereum Classic has grown 21% in value from the same time on Thursday.
Retracement from the recent high at $9.36 embraced support established at $7.5. The ascending trendline support functioned as a formidable stepping stone. Ethereum Classic bulls have relaunched the attack on the resistance at $9.5. The main goal is to push the crypto to highs above $10.
In support of the recovery On Friday, is the upward moving Relative Strength Index. The RSI holds the position above 70, at the time of writing. If the motion to the north continues, ETC could eventually break the initial resistance. However, the RSI could also signal a reversal if it retreats from the overbought territory.
ETC/USD daily chart
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