Ethereum Classic Gives Positive Crossover Above $6.00

The technical chart of Ethereum Classic highlights the sharp positive divergence made by the price levels during the past month while reaching the critical resistance and bullish zone around $8.00. The positive momentum is followed by a sharp negative divergence to the major support level of $5.50 which helped the crypto asset to avoid any further price damage. The current price levels attempted for a positive crossover against the 0.786fib level which was unsuccessful as the levels started to face negative reversals. The bulls need to ensure that the negative reversals won’t allow the price levels to have a negative crossover below the 1.0fib level.

The moving average convergence & divergence (MACD) gave a bullish crossover which is supporting the current positive trend but still looking vulnerable for bearish crossover again as an increase in the significance of the red line is noticed on the graph.

The relative strength index (RSI) has also started to show a negative nature after recovering the levels from the oversold region. The current level stands at 44.56

The directional movement index (DMI) is also showcasing weakness in the levels as ADX (17.17) faced a negative crossover against -DI (20.56).