- Ethereum Classic attempts recovery towards $8.00 but first, establishing support above $7.00 is critical.
- ETC/USD leads recovery among the major cryptocurrencies while Bitcoin struggles under $8,000.
The crypto market has a mixture of red and green signals. Specific cryptoassets such as Ethereum Classic are recording massive gains. However, Bitcoin is stuck in losses after dropping under $8,000 on Monday. ETC/USD is up 8.63% after advancing upwards from $6.4 (opening value) to $7.00 (market value). Other crypto assets strongly in the green are Ethereum, Ripple and EOS.
Ethereum Classic price found formidable support at $6.40-$6.50. The main goal among the bulls is to sustain gains above $7.00. Moreover, they should not lose sight of $8.00 and $10 seller congestion zones, respectively.
From a technical point of view, ETC/USD is prime for more action upwards. The RSI has just made above the oversold. This means that oversold levels will remain at bay a while longer leaving the bulls with more room for growth.
However, a bearish divergence with the MACD suggests that selling influence is not far off in the sidelines. Therefore, the buyers must establish higher support above $7.00 and pull towards $8.00. Otherwise, ETC/USD is still in danger of dropping towards $6.00.
ETC/USD 4-hour chart
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