Key Highlights
- Ethereum classic price is placed in the bullish zone above the $37.00 support against the US Dollar.
- There is a crucial bullish trend line forming with current support at $37.20 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might continue to rise and it will most likely move above $40 and $42 in the near term.
Ethereum classic price is placed in an uptrend against the US Dollar and Bitcoin. ETC/USD may soon move above $42 for more gains toward $45.
Ethereum Classic Price Uptrend
During the past few days, there was a bullish price action in ETC price above the $35.00 level against the US Dollar. The price dipped on a couple of occasions, but the $35.00 support and the 100 hourly simple moving average protected declines. There was a decent upside reaction and the price traded as high as $42.30 before correcting lower. It has moved below the 50% Fib retracement level of the last wave from the $34.40 low to $42.30 high.
However, the 100 hourly SMA at $37.00 prevented declines. Moreover, there is a crucial bullish trend line forming with current support at $37.20 on the hourly chart of the ETC/USD pair. The pair is trading a nicely above the $37.00 level and the 100 hourly SMA. It also got bid well around the 61.8% Fib retracement level of the last wave from the $34.40 low to $42.30 high. Therefore, there seems like the $37.00 is a major support zone, and the pair might continue to move higher.
A break above the $42.30 high would open the doors for more gains toward the $45.00 level or even $50.00.
Hourly MACD – The MACD for ETC/USD is slightly in the bullish zone and is placed well.
Hourly RSI – The RSI for ETC/USD is just above the 50 level and is moving higher.
Major Support Level – $37.00
Major Resistance Level – $42.00
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.