Ethereum Classic (ETC) Eyes The A New Resistance Level As the Crypto Market Rebounds

Ethereum Classic (ETC) has been one of the most talked about digital currencies in the third quarter of this year. After Coinbase exchange added the digital currency to its platform back in July, Ethereum Classic (ETC) witnessed a massive increase in its value, an increase of over 90 percent.

Nevertheless, the digital currency suffered a crash at the beginning of August, as the entire digital currency market faced a sell-off. The 35 percent decrease seen in the first two weeks of August is gradually coming back as the crypto market rebounds slightly over the past two days.

Ethereum Classic (ETC) Price Today – ETC / USD

Name Price24H (%)
Bitcoin (BTC)
$7,773.00
-1.00%
Ethereum Classic (ETC)
$6.95
-4.38%

At the time of writing, Ethereum Classic is trading at $13.04 after an increase of about two percent over the past twenty-four hours. The current market cap of the digital currency is $1.36 billion and its trading volume over the past twenty-four hours is $188.23 million.

Ethereum Classic Technical Analysis

Looking at the one-hour chart of the coin, the value of ETC is gradually gaining bullish traction. The bullish trend ensuing on the value of Ethereum Classic against the U.S dollar is seen in the chart beneath the 50-hourly simple moving average. The digital currency is presently trading in the green as the crypto market rebounds.

The RSI offers traders hope for bullish traction as indicated by the value of the coin testing its previous support level. The relative strength index is presently hovering around the middle bar at 47.43, meaning there is so much difference in the strength of bulls and bears.

The digital currency is currently supported at the $12.8 as it recently broke over the $13 mark. However, the digital currency is capped on the upside at the $13.35 mark, and it needs to break over this level in order to pave the way for more gains towards the $14 and $14.5 levels. The next few days of trading will determine the price action.

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