Ethereum Classic Price Technical Analysis – ETC/USD Upside Thrust

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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.

Ethereum Classic Price Technical Analysis ETC USD

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

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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Your email address will not be published. Required fields are marked *

Ethereum Classic Price Technical Analysis – ETC/USD Upside Thrust

.

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.

Ethereum Classic Price Technical Analysis ETC USD

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

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.



Leave a Reply

Your email address will not be published. Required fields are marked *