ETC Price Analysis – January 17
ETC/USD cannot be stopped as the bull’s aim at the resistance level of $10. Meanwhile, the technical indicator is positive despite the overbought condition.
Resistance levels: $12.0, $12.5, $13.0
Support levels: $6.0, $5.5, $5.0
Ethereum Classic has reignited the bullish momentum adding more than 17% in gains today. The bullish movement started towards the end of the Asian session and now seems to be gaining momentum during the European session. The crypto currently holds the 11th spot on the market. Data on the coinmarketcap shows that Ethereum Classic has grown 21% in value from the same time yesterday.
However, retracement from the recent high at $10.45 embraced support established at $8.15 and the bulls have re-launched the attack on the resistance level at $9.75 but the main goal is to push the crypto to a high above $10. A further movement above this level could reach the potential resistance levels at $12, $12.5 and $13.
In support of the recovery On Friday, the RSI (14) holds the position above 85, at the time of writing. However, the RSI could also signal a reversal if it retreats from the overbought territory and moving down heavily may likely visit the supports at $6, $5.5 and $5.
Comparing with Bitcoin, Ethereum Classic has followed a heavy rise over the past few days and the bulls appear to be dominating the market at the moment. The next level of resistance may surface at 1300 SAT and then locate further resistance at 1400 SAT and 1500 SAT levels if the buy-run later becomes huge.
Looking at the daily chart, the Ethereum Cash (ETC) trading is likely to make a quick turn to the support levels of 800SAT, 700SAT, and 600SAT if the bulls couldn’t go further. According to the RSI (14), the market is extremely within the overbought level and when coming down, it could trigger some bearish signals on the market soon.
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