Key Highlights
- Ethereum classic price recovered slightly after trading as low as $25.47 against the US dollar.
- There was a break above a crucial bearish trend line with resistance at $27.40 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is struggling to gain momentum above the $28.00-28.20 and is currently correcting lower.
Ethereum classic price is slowly recovering against the US Dollar and Bitcoin. ETC/USD needs to break the $28.00-28.20 resistance for further gains in the near term.
Ethereum Classic Price Trend
Recently, we saw a decline in ETC price below the $26.00 level against the US dollar. The price traded as low as $25.47 before it started an upside recovery. There was a break above the 23.6% Fib retracement level of the last decline from the $30.08 high to $25.47 low. The upside move was positive since the price was able to move above the $26.00 level.
There was even a break above a crucial bearish trend line with resistance at $27.40 on the hourly chart of the ETC/USD pair. The pair traded above the 50% Fib retracement level of the last decline from the $30.08 high to $25.47 low. Moreover, there was a break above the $28.00 level, but the pair was not able to gain momentum. The upside move was capped by the 61.8% Fib retracement level of the last decline from the $30.08 high to $25.47 low. It seems like the $28.00-28.20 level is acting as a strong barrier for buyers.
Once there a break above $28.20, the pair could accelerate above $30.00. On the downside, an initial support is around the $27.20 level. However, the most important supports sits around the $25.00 level.
Hourly MACD – The MACD for ETC/USD is now slowly moving back in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently moving lower towards the 50 level.
Major Support Level – $25.00
Major Resistance Level – $28.20
Charts courtesy – Trading View, Kraken
