Key Highlights
- Ethereum classic price is in a decent uptrend and is placed nicely above the $30.00 level against the US Dollar.
- There is a major ascending channel forming with support at $30.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might continue to rise in the near term above the $32.00 and $35.00 resistance levels.
Ethereum classic price is slowly gaining momentum against the US Dollar and Bitcoin. ETC/USD could soon move above $34.00 for more upsides in the near term.
Ethereum Classic Price Uptrend
There were steady gains in ETC price from the $26.00 swing low against the US Dollar. The price was able to move above a few important resistance levels such as $30.00 and $34.00. It traded as high as $34.61 before the price started a downside move. It declined and moved towards the $28.00-29.00 support area. A low was formed at $28.50 and the price was able to move back higher.
It has already traded above the 50% Fib retracement level of the last decline from the $34.61 high to $25.80 low. It seems like there is a major ascending channel forming with support at $30.00 on the hourly chart of the ETC/USD pair. The channel support is also above the $28.00 pivot and the 100 hourly simple moving average. As long as the pair is above the channel support at $30.00 and $28.00, there can be further gains.
A close above the 76.4% Fib retracement level of the last decline from the $34.61 high to $25.80 low at $32.28 could open the doors for upsides above $34.00. Above $34.00, the price might even accelerate above the $35.00 level in the near term.
Hourly MACD – The MACD for ETC/USD has moved back in the bullish zone is showing good signs.
Hourly RSI – The RSI for ETC/USD is currently well above the 50 level.
Major Support Level – $28.00
Major Resistance Level – $34.00
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.
Published by
