Ethereum classic was easily the biggest gainer in the top 30 on Thursday, as the global crypto market was trading 0.9% lower as of writing. ZEC was also higher on the day, in what was a choppy session, as volatility remained higher, following a recent decline in prices.
Ethereum Classic (ETC)
Ethereum classic (ETC) was one of the only cryptocurrencies in the top 30 to climb on Thursday, following a turbulent market session.
Following a low of $38.40 on Wednesday, ETC/USD rallied to a peak of $43.11 during today’s session.
This comes after prices rebounded from the support point near $38.40, which has been in place since March 21.
Thursday’s surge in ETC, comes after two consecutive sessions of declines that pushed prices further away from a recent five month high of $54.59.
Looking at the chart, today’s move came as the 14-day RSI bounced away from its floor of 44.50, and moved past the ceiling of 48.
Price strength is now tracking at 52.21, which is somewhat overbought, meaning that today’s gains may be temporary, and could still reverse.
This uncertainty will likely worry today’s bulls, and could mean that some may close positions, and secure profits.
As of writing this, ZEC/USD hit an intraday high of $176.86 today, as the world’s 52nd largest cryptocurrency climbed by roughly 3.25%.
Gains on Thursday follows a low of $159.20 on Wednesday, which is close to the current support level of $158.60.
Although today’s decline didn’t take ZEC beyond this floor, prices are still at their lowest point since March 18.
This comes as the moving averages of 10 and 25-days look set for a downward crossover, which could be a sign that more drops in price could be imminent.
One of the only positives for bulls, is that today’s surge means that the floor of 45.83 on the RSI indicator was not broken, as such prices have stabilized, following recent falls.
If this floor is broken, what price target will be the next landing spot for ZEC bears? Let us know your thoughts in the comments.
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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