Key Highlights
- Ethereum classic price climbed higher steadily and tested the $10.00 resistance against the US dollar.
- The last week’s followed crucial ascending channel formed is intact with support at $9.60 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is placed nicely in a bullish path above the $9.50 and $9.60 support levels.
Ethereum classic price is gaining momentum against the US Dollar and Bitcoin. ETC/USD could continue to grind higher above $10.00 in the near term.
Ethereum Classic Price Analysis
This past week, we saw a slow and steady rise from the $9.00 support area in ETC price against the US dollar. The ETC/USD pair remained in a decent uptrend and followed a bullish path above the $9.50 level. The price recently climbed above the $9.80 and $10.00 resistance levels. A new weekly high was formed at $10.15 before the price started a downside correction.
It moved below the 23.6% Fib retracement level of the recent wave from the $9.47 low to $10.15 high. However, there are many supports on the downside above the $9.50 level. An initial support is the $9.80 level. It coincides with the 50% Fib retracement level of the recent wave from the $9.47 low to $10.15 high. Below $9.80, the price could find support near $9.60 and the 100 hourly simple moving average. More importantly, the last week’s followed crucial ascending channel formed is intact with support at $9.60 on the hourly chart of the ETC/USD pair. Therefore, if the price corrects further from the current levels, it could find support near $9.60 or $9.50.
The chart suggests that ETC price is following a decent uptrend and it may continue to gain traction above the $10.00 level. The next resistance above $10.00 is near the $10.30 level.
Hourly MACD – The MACD for ETC/USD is slowly moving in the bearish zone.
Hourly RSI – The RSI for ETC/USD is still above the 50 level.
Major Support Level – $9.50
Major Resistance Level – $10.00