- Ethereum Classic bulls bank on the rising channel support.
- Technical signals from the RSI suggests that sideways trading is the most likely direction in the near term.
Ethereum Classic is among the few cryptocurrencies keen to hold on to the gains accrued in the last 24 hours. ETC is in the green with a 1.54% rise on the day alongside EOS and Litecoin at 1% and 2.6%, respectively. Bitcoin, on the other hand, spiked above $8,400 but has adjusted to $8,300.
An overview of Ethereum Classic as observed on the 4-hour chart shows a cryptocurrency that is bullish and with the potential to correct higher. From the December low at $3.4, the price has broken the barriers within an ascending channel to hit new 2020 high at $5.15.
Ethereum Classic has since adjusted to the current $4.88, although the immediate downside is protected by the 50 SMA. Moreover, the channel support to prevent extended correction towards the support at $4.0.
According to the RSI, ETC is likely to take on a sideways trend in the short term. The RSI is lethargic above 50 after the retreat from highs slightly above 70.
ETC/USD 4-hour chart
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