Ethereum Classic Market Update: ETC/USD rockets past $7.00, is $8.00 within the bulls’ grasp?
|- Ethereum Classic eyes $8.00 but first, the resistance at $7.20 must be broken.
- ETC/USD struggles to hold above $7.00 support despite the prevailing strong bullish grip.
Ethereum Classic is among the biggest single-digit gainers in the cryptocurrency market on Monday. The weekend trading session was kind to investors as the entire market built on last week’s gains to overcome various key barriers.
For instance, Ethereum Classic rocketed past $7.00 extending the weekend engulfing candle. Bitcoin, the largest crypto pierced the $10,000 mark and now is eyeing $11,000 as reported earlier.
ETC/USD is trading at $7.08 after trading higher 6.26% on the day. A break above $7.20 hurdle is needed to avert the looming danger of a reversal. The RSI, although in the overbought region is sending reversal signals. On the other hand, the MACD clearly shows that buyers are comfortably in the driver’s seat and have all the controls within their grasp.
Establishing support above $7.00 is key to the bulls as it would allow them to focus on the price action beyond $8.00. With the 50 SMA in the 4-hour chart extending the gap above the 200 SMA, the potential for growth remains high. Other key support areas in case of a reversal include $6.60, $6.40, the moving averages and $6.00.
ETC/USD 4-hour chart
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