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  • Ethereum Classic price jumps 1.23% on the day; the trend is strongly bullish.
  • The crypto is trading a classic rising wedge pattern.

Ethereum Classic is one among the few top twenty cryptocurrencies by market capitalization that is edging higher on Friday. ETC/USD is up over 1% on the day and the eyes are locked on battling the resistance at $18.00. Moreover, the crypto is trading a classic rising wedge pattern that that is likely to culminate in a breakout above $20.00 in the short-term.

The selling activity in June had Ethereum Classic price trading lows of $13.7 before spiking to trade above the former resistance level at $16.00 before the end of June. The month of July has also been in favor of the crypto which has cleared other levels at $16.5 and past the 61.8% Fib retracement level with the previous swing high of $17.78 and a swing low of $13.1 (resistance level now immediate support level close to $17.5).

The trend is strongly bullish at the time of press, it is possible that ETC/USD could break above the aforementioned resistance at $18.00.  The MACD momentum indicator is advancing further north. On the flipside, immediate support is at the 61.8% Fibo, but the 100 SMA is positioned to halt declines at $16.78 ahead of the 50 SMA support at $16.47. There are several other support areas observed on the chart; at $16.00, $14.50 as well as the lower demand zone at $13.5.

ETC/USD 1-hour chart