Ethereum Classic managed to rally beyond the 23.6% Fibonacci zone after a 14% uptick in the past 24 hours. With the overbought conditions by the Relative Strength Index, market players anticipated a brief correction around the $53.7 resistance. However, buyers claimed their position, defending $50 before climbing towards the 50% FIB target. Meanwhile, if ETC manages to overpower critical resistance, the crypto will witness a continued push past the 61.8% FIB zone.
ETH Four-hour Chart
Ethereum Classic extended its uptrends beyond the 23.6% FIB following symmetric triangle breakout. Meanwhile, overall market sentiments appeared to favor bullish actions as the alt rose from its death cross on the daily price chart.
As buyers magnify their actions, the alternative token might surge to the 38.2% FIB level without challenges. The Visible Range supports the optimism as it depicts weak resistance zones in the $52 – $57 range. However, Ethereum Classic encounters a significant selling momentum in its journey towards the 50% FIB from $57. That way, market players should expect some corrections in the region mentioned above as profit-booking might emerge.
Meanwhile, Ethereum Classic has to overpower some short-term obstacles to ensure uptrend momentum. For example, the resistance level between $57 and $58 (Visible Range’s POC) might cap the alt’s price advance. The region also suffered scalping threats.
Meanwhile, the asset’s Awesome Oscillator alerted enthusiasts about a possible symmetric triangle breakout after creating a bullish twin high shape. Also, the index stayed at its highest point in more than three weeks. The DIM’s bullish cross coincided with the anticipated breakout. Moreover, a 32 reading on ADX confirmed more uptrend possibilities.
At the same time, the RSI’s overbought condition indicated probabilities of a short-term plunge since the asset hovers around the resistance at $53.7.
For now, analysts expect a slight dip from the price barrier at $53.7 before rebounding immediately after the Relative Strength Indicator stabilizes. From here, ETC’s movement towards the 61.8% FIB will rely on how the asset will interact with the resistance at $57 to $58.6. Overpowering this obstacle can witness the crypto recording stable uptrends.