- Ethereum Classic bullish action catapults it above $7.0 even as other cryptos record low trading activity.
- Most technical indicators remain strongly positive but the RSI hints a possible reversal.
Ethereum Classic is throwing jabs at the barriers ahead of it and does not need any assistance from the other cryptocurrencies. While Bitcoin is beginning to consolidate above $10,500, ETC is shaking the ground above $7.0.
After opening the session on Thursday at $6.7955, ETC corrected to an intraday high at $7.21. Although a minor correction is pulling the crypto below $7.2, the bulls are keen to hold onto to the 5.27% gains on the day.
ETC/USD 1-hour chart
Ethereum is holding ground above the simple moving averages; 50 SMA currently at $6.83 and 100 SMA currently at $6.64. Technical indicators are intact for another assault at $7.2. The Moving Average Convergence Divergence (MACD) bullish divergence in the positive region signals a stronger uptrend. The Elliot Wave Oscillator displays a continued bullish session. On the other hand, the Relative Strength Index (RSI) oversold levels suggests an incoming reversal.
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