- Ethereum Classic catapulted towards the $7.5.0 resistance reminiscent of the crypto market recovery.
- The RSI retreats from the overbought as ETC dives below $7.0.
Ethereum Classis is struggling to hold on to the accrued gains on Wednesday. The Asian session was characterized by more price action towards $7.5. However, ETC hit a snag short of $7.5, giving way to the ongoing retracement.
The 4-hour chart shows ETC having found a bottom at $3.37 in December. The initial rise from the bottom line was gradual but steady. However, the last couple of days have experienced immense growth with Ethereum Classic creeping above several resistance levels such as $5.5, $6.0, $6.5 and $7.0.
The digital asset’s market value stands at $6.85. The bulls intend to break above the now short-term barriers at $7.0 in readiness for a surge towards $7.5. For now, the Relative Strength Index is in a downward motion within the overbought. As long as this indicator progresses with the slope targeting 50 (average), ETC could smash through the support at $6.5.