Ethereum classic rose to eight-week high today - its highest level since Sep. 9.
At press time, the fork of the etheruem blockchain is trading at around $15.00. As per CoinMarketCap, the ninth largest cryptocurrency by market capitalization has gained 16.90 percent in the last 24 hours. Week-on-week, ETC is up 38.88 percent, while on a monthly basis, it is carrying 21.68 percent gains.
Volume figures show the rally has been in part fueled by Korean exchanges offering trading in ethereum classic to South Korean won (ETC/KRW) pairs. As per CoinMarketCap, trading volumes on Bithumb, one of the largest cryptocurrency exchanges in South Korea, have jumped by 53.52 percent over the last 24 hours.
Whatever the reason for the recent gains, the rally looks solid on the technical charts. Price action analysis indicates that the cryptocurrency could rally to $17.88 levels.
Ethereum classic chart
The above chart shows:
- Consolidation (sideways channel) has ended with a bullish breakout.
- The relative strength index (RSI) is overbought.
- Bullish break has opened doors for a rally to $17.88 levels (target as per the measured height method, i.e. difference between the channel high/low added to the channel resistance).
- The RSI is overbought, hence a short-term consolidation in the range of $13.50-$15.00 cannot be ruled out, before prices rally to $17.88 levels.
- On the downside, a sustained move below today's low of $12.91 would abort the bullish view.
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