Key Highlights
- Ethereum classic price gained a lot of traction and was able to move above $40.00 against the US Dollar.
- There was a break above a key declining channel with resistance at $34.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is now placed well above the $35.00 support and looks set to gain further in the near term.
Ethereum classic price is moving higher nicely against the US Dollar and Bitcoin. ETC/USD is now well above $35.00 and it could move further higher.
Ethereum Classic Price Trend
There was a decent upside momentum forming above $30.00 in ETC price against the US Dollar. The price gained pace recently and it moved above the $35.00 and $40.00 resistance levels. The upside move was strong and the price was able to move well above $35.00 and the 100 hourly simple moving average. During the upside, there was a break above a key declining channel with resistance at $34.00 on the hourly chart of the ETC/USD pair.
A high was formed at $41.48 from where the price started a downside correction. It traded below the 23.6% Fib retracement level of the last wave from the $31.50 low to $41.48 high. However, the downside move was protected by the $37.50 support. Moreover, the 38.2% Fib retracement level of the last wave from the $31.50 low to $41.48 high prevented declines. It seems like the pair has completed a correction wave and it will most likely move above the $40.00 level again.
Above the $41.48 high, the price might even target $45.00 in the near term. On the downside, the $37.00 and $35.00 levels are decent supports.
Hourly MACD – The MACD for ETC/USD is currently slightly moving in the bullish zone.
Hourly RSI – The RSI for ETC/USD is moving lower from the overbought levels, but it is well above the 50 level.
Major Support Level – $35.00
Major Resistance Level – $40.00
Charts courtesy – Trading View, Kraken
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