Ethereum Classic Market Update: ETC/USD spikes towards $5.5 within an ascending channel

Ethereum Classis is in the green on Wednesday in the course of the European session. The price has advanced upwards by 1.3% to trade at $5.323. An intraday high has been reached at $5.374, leaving the resistance at $5.4 untested. The entire cryptocurrency market is slightly in the green but just like ETC/USD lack a catalyst to sustain formidable gains.

ETC/USD is trading above the moving averages on the 1-hour chart. The 50 SMA and the 100 SMA have been turned into key support areas that will come in handy if a reversal were to occur aiming for $5.00. At the same time, Ethereum Classic is trading within an ascending channel whose support continues to be vital to the ongoing recovery.

As far technical levels and indicators are concerned, Ethereum Classic is likely to settle for a sideways price action in the coming sessions. For instance, the RSI is horizontal at 58.33 after the upside momentum stalled under 70. The MACD is in the positive territory and features a minor bullish divergence as a sign the buyers are in the driver seat. Therefore, support above $5.30 could stay in place as ETC/USD gets ready for another assault at $5.4 and $5.5 hurdles.

ETC/USD 1-hour chart