When the cryptocurrency markets move up, there is always lots of excitement. Even the Ethereum Classic price is showing signs of a bull run, although entering the double-digit range will remain challenging.
All of this momentum hinges on Bitcoin remaining in the green. So far this year, that has proven rather difficult and unreliable.
Ethereum Classic Price Eyes $10
It has been a very interesting week for ETC traders. From a low to a high, to a lower low, and a higher high. Such a roller coaster of emotion is very common in the cryptocurrency space. Especially where altcoins are concerned, these are the moments when a decent profit can be made.
Throughout the week, the Ethereum Classic price ranged from $8.16 to $9.45, back to $8 and now sits at $9.6. A lot of good money has been made by traders making the most of these opportunities. Combined with a decent amount of trading volume, a lot of things can happen in the hours and days to come.
Ethereum Classic is one of those currencies with more trading volume than its market cap. Currently, 126% of the market cap exists in 24-hour trading volume. Most of the volume comes from ETC/BTC on Coineal. Other noteworthy pairs are ETH/USDT on Coinbene, FatBTC, Digifinex, and ZB.
ETC/USDT Technical Indicators
Bollinger Bands: Looking at the Bollinger Bands on the 4H Ethereum Classic price chart, the situation looks normal. Following this recent breakout the narrowing channel has widened up a bit. Given the overall trading volume, it is evident that liquidity is not a problem in the slightest.
Moving Averages; The current moving average for ETC look intriguing. The bullish crossover between the MA20 and MA50 has not materialized yet despite the ongoing uptrend. The MA200 is also moving up and has now surpassed $6.26.
On the daily view, a different tale becomes apparent. A bullish crossover between the MA20 and MA50 exists. More importantly, the MA50 also crossed the MA200 for the first time since late August of 2019. A bullish sign, albeit there’s no reason to get overly excited.
RSI: The RSI associated with the Ethereum Classic price has undergone a steep rise. This has become apparent ever since the price hit $8.28 yesterday. For now, it remains in slightly overbought territory and is flattening a bit. This does not signal an impending decline, albeit caution is advised.