Ethereum Classic witnessed remarkable growth following multiple green candlesticks from a 15-month foothold around the $13.6 level. The buying spree placed the alternative token beyond the 50% FIB zone and maintained a bullish outlook.
ETC climbed beyond the Exponential Moving Average ribbons after the short-term buying revival past its long-term trend-line support – previous resistance. Reversals from the 0.618 FIB resistance might ensure recovery obstacles before a possible bullish comeback. While publishing this content, the altcoin changed hands at $33.7, gaining 24.98% within the past 24 hours.
Ethereum Classic Daily Timeframe
Ethereum Classic’s drop from April peaks placed the token on an extended bearish streak as ETC secured new multi-month lows. The 4-month trend-line resistance – now support – halted buying the buying momentum until recently.
After a bearish pennant breach, ETC saw a whopping 151% ROI from July 13 lows until this publication. As a result, the altcoin triggered a bullish overturn on the northbound Exponential Moving Average ribbons.
As the POC (Point of Control) triggered a bullish flag-like setup, the latest bullish engulfing candle affirmed the upside breakout. Also, the past 24 hours saw trading volumes gaining by more than 268%. This uptick reinforced bullishness in the prevailing setup.
While the 61.8% FIB resistance remains robust, reversals from this mark might welcome a slowdown in the near term. In such a development, buyers might re-enter the $26 – $28 value area to catalyze another rally. This resurgence would target the $34 retest.
The RSI (Relative Strength Index) swayed within the overbought territory, reflecting 1-sided buying favor. Possible reversals from this area might ease the amplified buying strength. Moreover, the A/D (Accumulation/Distribution) recorded lower peaks within the past few days and displayed a bearish divergence with ETC price.
If Ethereum Classic signal meets reversals around the 0.618% region, it might witness short-term pullbacks before recuperating to extend the bullish run. Such scenarios would have take-profit levels as mentioned above. Lastly, on-chain development and broad market sentiment remain crucial in determining future movements. This assessment is vital to recognize bullish invalidations.
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