The trading price of Ethereum Classic (ETC) has recorded a significant push in the latest trading session. The Saturday trading session shows that the price of ETH kept on rising at a significant rate.
ETC Price Surged by 14%
The data shows that on that particular day, the trading value of the asset surged at a significant rate. The report shows that ETC’s value surged by 14%.
The value of the asset kept on rising and it managed to hit a very high level that wasn’t hit for a long time. The price chart shows that on this particular day, the value of ETC rose to a six-week high.
Before the rally had taken place, the value of ETC was at a low of $17.94. This is the price that was recorded for ETC on Friday.
However, the surge was quite significant and it managed to achieve a higher trading value than the asset had not hit for more than 1 and a half months.
The price of ETC kept on surging and successfully rose to a higher trading level of $20.68.
ETC Broke the Resistance Level
It was extremely difficult for the bulls to be able to pump the price of ETC close to the $20.00 mark and then breach it. The bears were defending this level with all their might as it was a strong resistance level.
The bulls were very aggressive against the bears and they were able to build enough buying force to push ETC’s price higher.
They not only managed to hit the $20.00 mark but they even managed to cross the particular level. They moved the price of the asset well enough to push it through the resistance level.
The price of the asset was able to make it past the mentioned level and ended up hitting a high trading price ETC hadn’t hit since November 26.
RSI is Moving Higher
Due to the strong buying efforts of the bulls, the RSI for ETC has started to move in positive territory as well. The report suggests that the relative strength index is constantly moving in a bullish direction.
If the ETC RSI keeps moving in the bullish direction, then the bulls will have the opportunity to push ETC’s price much higher. ETC is currently coming close to hitting the mid-level at (50-score).
If the particular score is hit, then the trading price of ETC may continue surging. If it keeps on happening, then the price of the asset will continue to increase.
In this particular case, the trading price of the asset may surge to a high of $23.44.