Ethereum classic (ETC) rallied for a second straight session on Wednesday, following better-than-expected U.S. consumer confidence data. According to the statistics, consumer confidence in the United States reached a value of 108.3—the highest level in eight months. In response to the news, Monero also increased, building on recent gains.
Ethereum Classic (ETC)
On Wednesday, the price of Ethereum Classic (ETC) increased for a second straight day due to the markets’ reaction to better-than-anticipated data on U.S. consumer sentiment.
The statistics for today, originally projected to total 101, came in higher than predicted, with a reading of 108.3 in December.
As a result of today’s data, ETC/USD raced to a peak of $16.64 earlier in the day, which is nearly 5% higher than Tuesday’s low at $15.59.
Looking at the chart, the move occurred as the price moved further away from the $14.74 low that ETC reached on Monday, which was its lowest position since July.
The surge coincided with the 14-day relative strength index (RSI) climbing from its own floor at 28.00, and it is currently tracking at 37.61.
The index now seems set to collide with a resistance at 41.00, which could mean prices will begin to decline.
Another major gainer in today’s session was Monero (XMR), whose prices rose for a sixth straight day.
Following a low of $146.31 on Tuesday, XMR/USD surged to an intraday high of $148.16 earlier in the day.
Monero has reached its highest point since Friday thanks to Wednesday’s movement, and it is now edging closer to a resistance level at $150.00.
From the chart, the move comes as the RSI rose above a resistance level of 54.00 and is currently tracking at 55.88.
Despite recent bullish enthusiasm, a crossing between the 10-day (red) and 25-day (blue) moving averages appears imminent.
Should this move occur, XMR will likely move towards a floor around the $139 region.
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Could bullish momentum continue throughout the week? Let us know your thoughts in the comments.