Ethereum Classic Gives Positive Crossover Above $6.00 While Sustainability Above Remains Doubtful

  • Ethereum Classic was able to perform significantly positive on Thursday’s market session resulting in a positive crossover above $6.00
  • However, the sustainability of the price levels above the achieved mark still remains doubtful as the crypto asset has started to face minor negative reversals
  • The ETC/BTC pair has also turned positive with an overall gain of 3.17% bringing the current level to 0.00032771 BTC 
Source: Coinmarketcap

On the weekly chart, Ethereum Classic suffered a negative breakout below the bullish mark of $6.00 resulting in significant price damage throughout the week and registering a weekly loss of -5.56%. However, as the price levels reached the support area around $5.50 the positive momentum of the coin was revived which helped to have a positive breakout above $6.00 again. Meanwhile, after numerous positive breakouts above the mark, the sustainability of the price levels still remains in doubt with respect to the strong resistance of $6.20 and current minor negative reversals faced by the cryptoasset. The CMP is placed at $5.93 with an overall gain of 1.10% bringing the market capitalization to $690,903,332 and the 24-hour volume traded of $748,304,587. 

Technical Levels Reducing Significance of Positive Move for ETC

Source: Tradingview
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The technical chart of Ethereum Classic highlights the sharp positive divergence made by the price levels during the past month while reaching the critical resistance and bullish zone around $8.00. The positive momentum is followed by a sharp negative divergence to the major support level of $5.50 which helped the crypto asset to avoid any further price damage. The current price levels attempted for a positive crossover against the 0.786fib level which was unsuccessful as the levels started to face negative reversals. The bulls need to ensure that the negative reversals won’t allow the price levels to have a negative crossover below the 1.0fib level. 

The moving average convergence & divergence (MACD) gave a bullish crossover which is supporting the current positive trend but still looking vulnerable for bearish crossover again as an increase in the significance of the red line is noticed on the graph. 

The relative strength index (RSI) has also started to show a negative nature after recovering the levels from the oversold region. The current level stands at 44.56

The directional movement index (DMI) is also showcasing weakness in the levels as ADX (17.17) faced a negative crossover against -DI (20.56). 

Will ETC Build Sustainability Above $6 With The Current Positive Trend? 

Ethereum Classic has already started to face negative reversals from the day-high of $6.20 and had a negative crossover below $6.0 again. Therefore, we can expect simultaneous testing of the bullish mark of $6.00 in the upcoming trading sessions. The sustainability above the mark can be achieved when the price levels will have an impactful breakout above the resistance level of $6.20. 

Resistance level: $6.20

Support level: $5.50 

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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