ETC breaks away from Bitcoin and the park

  • Ethereum Classic defies the general trend to post impressive gains.
  • ETC/USD is pushing the throttle to the maximum; investors eye $10.

In a Bitcoin bearish market, Ethereum Classic defies the general trend to post impressive gains. In fact, the crypto has been breaking one barrier after another from Monday this week. A glance at the hourly chart shows a new uptrend pushing the limits north.

The recent correction above both the 50 Simple Moving Average and the 100 SMA fueled a surge in an engulfing candlestick. The price action struggled with the intense concentration of sellers at $6.4. A lower leg correction from the resistance dived under $6.0 but rebound occurred on touching the 50 SMA.

Read also: Bitcoin will be worth a lot more in 5 years: Spewncer Bogart to Bloomberg

At press time, ETC/USD is pushing the throttle to the maximum. The bounced above $6.4 resistance encouraged the bulls to increase positions. Trading at $6.53, ETC is backed by strong positive technical levels. The Moving Average Convergence bullish divergence is at its highest compared to the last two months. In addition, the Relative Strength Index (RSI) is making an entrance into the overbought.

Potential for growth above $6.6 is quite high but a movement to $10 level will require Ethereum to establish higher support. A catalyst will definitely catapult the price above the hurdle.

ETC/USD 1-hour chart

 

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