- Ethereum Classic adds 3.98% on a daily basis following sudden spike in a bear market.
- ETC/USD is primed for gains above the short-term resistance at $10.40.
Ethereum Classic is bullish in a market that sinking in the sea of red. The crypto is the biggest winner on Monday following a 3.98% correction on the day. Prior to the spike on Monday 22, ETC/USD was locked in a range between the upper limit at the 50% Fib level between the highs of $10.87 and the lows of $9.34 and the lower limit at $9.6.
Moreover, the price was consolidating in a contracting triangle pattern as observed on the hourly chart. The bullish trendline supported the price before the spike above the moving averages. The trend triggered a bullish move in a single engulfing candle zooming past $10.00. ETC/USD tested the resistance at $10.40 before the bears put a stop to the gains. Ethereum Classic is currently trading at $10.17 and sitting comfortably at the 38.2% Fib retracement level.
Applied indicators on the chart are currently sending bullish signals as the bulls battle to keep the control. The RSI has re-entered the overbought territory while the MACD is advancing further up in the positive territory. The price is changing hands above the moving averages on the hourly chart. ETH/USD is poised for gains above the short-term resistance at $10.40 and a bull run above $11.00 in the medium-term.