Ethereum Classic forcefully breaking away from other cryptocurrencies

By October 16, 2019Ethereum
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  • Ethereum Classic stirs up action towards $5 posting over a 2% increase in value.
  • The technical picture is strongly positive as observed with he up trending RSI and MACD.

Ethereum Classic is all over a sudden breaking away from the rest of the top 30 cryptocurrencies. The digital asset has sprung up recording a 2% increase in value at the beginning of the European session. The crypto market has mixed red and red signals, however, it is likely that the bulls will carry the day.

The 22nd largest cryptocurrency has a market capitalization of $498 million and a 24-hour trading volume of 13.69 million. It is teetering at $4.65 after reversing from the downtrend that hit a low of $4.46 on Tuesday.

The price is, however, grinding into the resistance offered by the 100 Simple Moving Average (SMA) on the one-hour chart at $4.7. Also in line to prevent upward movement is the 100 SMA and the descending trendline resistance.

The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) trends show that the bulls have the upper hand. If the technical picture stays intact, ETC/USD could continue to stir up action towards $5.0.

ETC/USD one-hour chart

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The technical picture is strongly positive as observed with he up trending RSI and […]

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