- Ethereum classic price is facing a major upside barrier near the $12.50 level against the US Dollar.
- There is a key bullish trend line forming with support at $11.80 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might once again attempt an upside break above the 12.50 resistance.
Ethereum classic price is recovering against the US Dollar and Bitcoin. However, ETC/USD needs to break $12.80 to gain momentum in the near term.
Ethereum Classic Price Upside Hurdle
There was a minor dip in ETC price recently towards the $11.30 level against the US Dollar. However, the downside move was prevented by the $11.20-10 support area and the price recovered. The price moved above the $12.30 level, but failed to break the $12.50 resistance. There were many attempts to break $12.50, but buyers failed to gain momentum. It declined and traded below the 38.2% Fib retracement level of the last wave from the $11.10 low to $12.78 high.
The downside move was protected by a key bullish trend line with support at $11.80 on the hourly chart of the ETC/USD pair. Moreover, the 61.8% Fib retracement level of the last wave from the $11.10 low to $12.78 high also acted as a support. At the moment, the 100 hourly simple moving average is holding losses and pushing the pair above $12.00.
It would need a proper break and close above $12.50 for further gains in ETC. On the flip side, a break of the trend line support at $11.80 could ignite a downside reaction towards $11.20. Overall, there can be more ranging moves above $11.80 before the pair attempts a break above $12.50.
Hourly MACD – The MACD is showing positive signs in the bullish zone.
Hourly RSI – The RSI is currently just above the 50 level and heading north.
Major Support Level – $11.80
Major Resistance Level – $12.50
Charts courtesy – Trading View, Kraken