Key Highlights
- Ethereum classic price rocketed higher and moved above $13.00 against the US Dollar.
- There was a break above a contracting triangle with resistance at $12.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The ETC/USD pair might continue to move higher and it could even break the $14.00-14.20 resistance.
Ethereum classic price is gaining heavy bids against the US Dollar and Bitcoin. ETC/USD might continue to move higher towards $15.00 in the near term.
Ethereum Classic Price Uptrend
The past couple of days were super bullish for ETC price as it moved above the $11.00 resistance against the US Dollar. The price surged higher and took out all sell offers near the $12.00 and $13.00 handle. It even traded a few points above $14.00 before forming a high at $14.10. During the upside move, there was a break above a contracting triangle with resistance at $12.00 on the hourly chart of the ETC/USD pair.
The pair gained pace and settled above $13.00, and is currently well above the 100 hourly simple moving average. The current upside move is very strong as long as the price is above $12.00. At present, the pair is consolidating gains and tested the 38.2% Fib retracement level of the last wave from the $11.70 low to $14.10 high. On the downside, the most important support is near $13.00. The next one is around the 50% Fib retracement level of the last wave from the $11.70 low to $14.10 high near $12.90.
It seems like ETC buyers are well in control and they will most likely push its price back above $14.00. The next important resistance is close to the $15.00 handle.
Hourly MACD – The MACD for ETC/USD is about to move back in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently well above the 50 level and showing positive signs.
Major Support Level – $13.00
Major Resistance Level – $14.00
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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