Key Highlights
- Ethereum classic price traded higher and moved above the $10.60 resistance against the US Dollar.
- There was a break above a bearish trend line with resistance at $10.30 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might correct a few points, but it remains supported on the downside near $10.50-40.
Ethereum classic price is trading with a positive bias against the US Dollar and Bitcoin. ETC/USD is now a decent buy near the $10.50-10.40 levels.
Ethereum Classic Price Support
There was a fresh start of an upside move in ETC price from the $9.50 low against the US Dollar. There was a nice upside move and the price moved above the $10.00 handle and the $10.50 resistance levels. During the upside, there was even a break above a bearish trend line with resistance at $10.30 on the hourly chart of the ETC/USD. It has opened the doors more gains and the pair recently traded as high as $10.99.
The pair is currently consolidating below the $11.00 handle trading in a range. An initial support is near the 23.6% Fib retracement level of the last wave from the $9.55 low to $10.99 high. However, the most important support is near the broken resistance at $10.50. The 100 hourly simple moving average is positioned near $10.50 to act as a monster support. Moreover, the 38.2% Fib retracement level of the last wave from the $9.55 low to $10.99 high is at $10.45 to prevent declines.
On the upside, buyers need to clear the $11.00 handle to gain control. The next major upside hurdle is at $11.60 followed by $12.00. On the downside, the $10.50 and $10.40 levels are decent supports.
Hourly MACD – The MACD is slightly in the bearish zone.
Hourly RSI – The RSI is way above the 50 level and heading north.
Major Support Level – $10.50
Major Resistance Level – $11.00
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.