Ethereum Classic technical analysis: Price tests $8.77 resistance

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Ethereum Classic jumps 7.18% to $8.51

Highlights

ETC/USD price structure remains bullish in the short and medium term, with price above key moving averages.
Momentum indicators are overbought or positive, though some oscillators are neutral, creating divergence between strong buying and stretched signals.
Price range forecast for the next two to three days is $8.09 to $8.77, with a very high probability of continued upside.

Overbought signals counter strong momentum as technicals diverge

On the technical front, ETC/USD is positioned above the MA-20 and MA-50 on the H1 chart, as well as above the MA-200 on the daily timeframe. The Ichimoku Kijun on the daily chart sits at $8.085, acting as immediate support. RSI is at 67.98, approaching overbought conditions, and CCI is already overbought, while Stochastic RSI is neutral. MACD provides a Strong Buy signal and ADX also signals Buy, indicating sustained positive momentum. Bull/Bear Power readings reflect buyer dominance, while Awesome Oscillator remains neutral and does not confirm the prevailing trend. There is notable divergence, as overbought oscillators contrast with strong momentum-based signals and ongoing price strength.

Upside favored as consolidation supports breakout potential

Over the next 2 to 3 trading days, ETC/USD is likely to trade within a range of $8.09 to $8.77, a volatility band relative to current levels. The probability of an upward move is very high, with price consolidation above support considered the baseline scenario. Should price break above the upper level, new short-term highs may be established; conversely, a decline below the $8.09 support would signal a shift in positioning toward lower levels.

Viktoras Karapetjanc, expert at Traders Union, sees constructive momentum in Ethereum Classic. The asset is outperforming key moving averages and shows robust buyer demand. Despite oscillators pointing to overbought conditions, trend-following indicators stay positive. He believes that price stability above support around $8.09 is likely in the short term. "If current momentum holds, I expect Ethereum Classic to consolidate higher and potentially break new short-term highs."

Earlier, analysts noted that Ethereum Classic was showing upward momentum but faced conflicting technical signals and security concerns. The current analysis strengthens the bullish outlook with sustained price strength above key moving averages, highlighting the need to monitor the $8.77 resistance as a potential catalyst for continued gains.

Source of Data: ETC Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.