Ethereum Classic: ETC/USD remains range-bound as bulls push for a breakout

• From June’s high at $9.91, Ethereum Classic price action has been downtrend.
• The prevailing consolidation is brewing the next surge towards $10.00.

Ethereum Classic remains in the green although the cryptocurrency market suffering under rising selling pressure. From June’s high at $9.91, Ethereum Classic price action has been downtrend. Several support levels have shown resilience but declines have been overbearing. Continued pressure on key support levels saw Ethereum Classic dive under $5.5.

There was rock-solid support at $5.5 which thrust ETC upwards. Glancing higher the bulls failed to breach $6.5 hurdle. The high volatility levels in the past two weeks have been detrimental to the larger cryptocurrency asset class. However, Ethereum Classic managed to whether down the declines gradually staying within a narrow range ($5.5 – $6.5).

At press time, ETC/USD is trading at $6.08 just marginally above the Bollinger Band 1-hour Middles curve. Moreover, the price is below the moving averages where the 100 Simple Moving Average (SMA) 1-hour is limiting gains at $7.24 and 50 SMA 1-hour at $7.38.

According to the technical levels, prevailing consolidation is brewing the next surge towards $10.00. The Relative Strength Index (RSI) continued to hold above the oversold amid a gradual upward slope. The Moving Average Divergence Convergence (MACD) also points towards a positive price action in the near-term.

ETC/USD 1-hour chart