- Ethereum Classic continues with the explosive price action eyeing high above $200.
- Higher support, preferably at $140, would set the foundation for the ongoing uptrend.
- Both short-term and long-term technical levels align in favor of the bulls.
Ethereum Classic had a tremendous growth pattern from the beginning of the year when it exchanged hands around $5.5. Initially, the uptrend stalled under $15; between February and March. Most of the gains have been accrued in April and the first week of May,
Data by CoinGecko reveals that ETC has grown by nearly 10% in the last hour, 48% in 24 hours, and a whopping 300% in seven days. Moreover, 680% in gains have accumulated in 30 days.
Ethereum Classic charts the path to $200
The daily chart shows that ETC has grown by roughly 3,030% since January 1. It is currently trading marginally under $140 following a correction from highs of $174. The path with minor hurdles seems upward despite the retreat, as confirmed by the Moving Average Convergence Divergence (MACD) indicator.
It is worth noting that the indicator is extremely high within the positive region. Additionally, the MACD line’s (blue) divergence above the signal line indicates the bulls’ presence in the market.
ETC/USD four-hour chart
The four-hour SuperTrend indicator has a bullish impulse, insinuating that bulls have the upper hand. This indicator tracks the trend of an asset and identifies positions to short or long, while the call to buy manifests by the SuperTrend turning green from red and sliding under the price. If the technical picture holds, Ethereum Classic will hold onto the uptrend eyeing $200.
ETH/USD four-hour chart
According to the four-hour chart, the Parabolic SAR is also bullish. The indicator has recently flipped beneath the price, adding credence to the bullish outlook.
Securing support above $140 is crucial for sustaining the uptrend. At the same time, the price holds above all the applied moving averages; the 50 SMA, 100 SMA, and 200 SMA. This also means that the trend is primarily inclined to the bullish side.