Ethereum Classic Technical Analysis: ETC/USD bulls aim for the $7.50 psychological level

  • ETC/USD is hovering above the green Ichimoku cloud in the daily chart.
  • ETC/USD jumped by 36% over the last two days.

ETC/USD daily chart

ETC/USD daily chart

ETC/USD bulls have managed to dominate the market for the second day in a row, spiking the price up by 36%. This Wednesday, the price has gone up from $6.75 to $7.40. ETC/USD is hovering above the upward channel formation, green Ichimoku cloud, 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20. The Moving Average Convergence/Divergence (MACD) indicates increasing bullish momentum, while the Elliott Oscillator has had 11 straight green sessions. Finally, the Relative Strength Index (RSI) is trending around 85.15, indicating that the asset is overpriced and awaiting bearish correction.

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