Key Highlights
- Ethereum classic price is moving nicely above the $26.00 support level against the US Dollar.
- There is a crucial contracting triangle forming with support at $26.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might soon make the next move and will most likely break the $28.00 resistance.
Ethereum classic price is placed in the bullish zone against the US Dollar and Bitcoin. ETC/USD may soon break $28.00 to test the $30.00 level in the near term.
Ethereum Classic Price Support
The current bias is positive for ETC price above the $25.00 and $26.00 support levels against the US Dollar. The price was seen trading higher from the $22.50 swing low and recently moved above the $25.00 resistance. The recent low as $24.30 from where the price made a nice upside move and traded above the 100 hourly simple moving average. At the moment, the price is above $27.00 and looks set for more gains.
Looking at the hourly chart of ETC/USD, there is a crucial contracting triangle forming with support at $26.50. The pair is currently struggling to break the 61.8% Fib retracement level of the last decline from the $30.25 high to $24.30 low. Once the pair breaks the triangle resistance and the 76.4% % Fib retracement level of the last decline from the $30.25 high to $24.30 low, it could retest $30.00. Above the mentioned $30.00, the price could even move towards the $32.00 level.
On the downside, there is a major support around $26.50 and the 100 hourly simple moving average. The pair must stay above the $26.00-26.50 support in order to gain pace for an upside break.
Hourly MACD – The MACD for ETC/USD is almost flat and is currently showing no signs of a break.
Hourly RSI – The RSI for ETC/USD is above the 50 level and is pointing bullish signs.
Major Support Level – $26.00
Major Resistance Level – $28.00
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.
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