- Summary:
- Ethereum Classic is on a rally; a trend observable in other altcoins such as Ripple and Ethereum. It is trading sideways around the crucial level of $60.
Ethereum Classic has extended the week’s gains as the bulls gather enough momentum to push the prices past the resistance level at $60. The uptrend seen in ETCUSD is also observable in other altcoins.
Over the past week, Ethereum has held steady above the crucial level of $2,500. Similarly, Ripple has been trading above $0.7000 during that timeframe. An improvement of the risk sentiment has boosted crypto prices. The focus is now on the US inflation data scheduled for release later in today’s session.
ETCUSD technical analysis
Ethereum Classic has extended the gains it has recorded since Monday. At the time of writing, the cryptocurrency was up by 2.51% at 60.31. Since Monday, it has surged by about 10.23%. Notably, it has been on an uptrend since mid-July when it hit a one-month low of 37.63.
On a four-hour chart, the cryptocurrency is trading above the 25 and 50-day exponential moving averages. Besides, the formation of an ascending trendline signals further gains. In the near term, Ethereum Classic is likely to trade sideways around the psychological level of 60. It will probably trade within a tight range of between 58.01 and 61.85.
With the ongoing bullish sentiment, it is likely to remain above the ascending trendline. However, a move below 56.00, which is along the 50-day EMA will invalidate this thesis.
