Key Highlights
- Ethereum classic price made a nice upside move towards $30.00 against the US Dollar.
- There is a short-term flag pattern forming with support near $27.20 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might correct a few points, but downsides are likely to be limited by $27.20-27.00.
Ethereum classic price is bullish against the US Dollar and Bitcoin. ETC/USD might correct in the short term, but might soon break or retest $30.00.
Ethereum Classic Price Support
Recently, we saw an upside move above $30.00 in ETC price against the US Dollar. A high was set recently at $30.84 before the price started correcting lower. It declined a few points below the 23.6% Fib retracement level of the last wave from the $21.90 low to $30.84 high. However, the downside move was protected by the $28.00 support and the 100 hourly simple moving average.
It seems like there is a short-term flag pattern forming with support near $27.20 on the hourly chart of the ETC/USD pair. The pair might correct a few points if it moves below the 100 hourly SMA and $28.00. The channel support is now at $27.20 and the 38.2% Fib retracement level of the last wave from the $21.90 low to $30.84 high. In any case, dips remain supported above $27.00 and $26.00. The most important support is around $26.50 and the 50% Fib retracement level of the last wave from the $21.90 low to $30.84 high.
Buyers are currently in control above $27.00. On the upside, a break above the $29.50 level is needed for ETC to retest $30.00 and $31.00. Above $31.00, the price could accelerate and trade towards the next major resistance near $32.80.
Hourly MACD – The MACD for ETC/USD is mostly in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently well below the 50 level.
Major Support Level – $26.50
Major Resistance Level – $30.00
Charts courtesy – Trading View, Kraken
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.