Ethereum Classic Price Analysis: ETC holds above 5.00 and looks to move higher

• Ethereum Classic is trading just above flat after a tight day of trading.
• The price has converged into a triangle formation but there is a lack of direction at the moment.

ETC/USD 1-hour chart

Ethereum is still in a downtrend on the daily charts and this current pattern is a consolidation after the move from 13.17 to 3.50. The price has been making higher lows recently but the wave high of 5.29 was a step too far. For the trend to continue that is the level that needs to be taken out. 

Looking closer at the chart now the volume has recently picked up. Unfortunately for the bulls, the spike in volume came in the form of a shooting star candle. The good news is the price is still above the psychological 5.00 level. It does look vulnerable but at the moment it is still intact. Also, the price is still holding above the 55 and 200 period moving averages. So there are some good bullish signals but the sell-side volume is still dominant.

Additional levels