Key Highlights
- Ethereum classic price surged higher this week and moved above the $40.00 resistance against the US dollar.
- There is a connecting bullish trend line forming with support at $40.10 on the hourly chart of the ETC/USD pair (Data feed via SimpleFX).
- The pair may decline a few points in the short term, but it remains supported above $38.00.
Ethereum classic price is super bullish against the US Dollar and Bitcoin. ETC/USD climbed higher recently and broke the $38.00 and $40.00 resistance levels.
Ethereum Classic Price Upside Move
There were solid gains in ETC price during the past few days from the $30.00 swing low against the US dollar. The price traded higher and moved above the $35.00 and $40.00 resistance levels. It even moved above the $41.00 resistance and traded as high as $42.36. At the moment, the price is correcting lower and is trading below the 23.6% Fib retracement level of the last wave from the $37.76 low to $42.36 high.
On the downside, there are many supports around the $40.00 level. There is also a connecting bullish trend line forming with support at $40.10 on the hourly chart of the ETC/USD pair. The trend line support near $40.00 is a significant support. Moreover, the 50% Fib retracement level of the last wave from the $37.76 low to $42.36 high is also near $40.05. Therefore, if the price continues to move down, it could find support near $40.00. Any further declines below the $40.00 level could push the price towards the $38.00 support.
On the upside, an initial resistance is around the $42.00 level. Above the mentioned $42.00 level, the price may break the last high at $42.36. The next major resistance above $42.36 is near the $44.00 level.
Hourly MACD – The MACD for ETC/USD is placed heavily in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently near the overbought levels.
Major Support Level – $40.00
Major Resistance Level – $42.00
Charts courtesy – SimpleFX
