Ethereum Classic Sidelined by Overbought Conditions
Ethereum Classic (ETCUSD) has been experiencing a volatile sideways trading pattern in recent intraday sessions, as it attempts to regain momentum and potentially resume its strong gains. The cryptocurrency's technical backdrop remains favorable, with its price consistently trading above the 50-period Simple Moving Average (SMA), which is acting as dynamic support and reinforcing the dominance of the primary short-term uptrend.
However, momentum indicators have begun forming a bearish crossover after reaching extremely overbought territory, limiting the price's upside momentum during recent trading. Nevertheless, our outlook remains bullish for ETCUSD's upcoming intraday sessions, as long as support at $7.35 remains intact.
If this scenario unfolds, the price is expected to target the key resistance level at $8.55.