Key Highlights
- Ethereum classic price after finding support near $8.70 against the US Dollar started a recovery.
- There was a break above a bearish trend line with resistance at $11.00 on the hourly chart of ETC/USD (Data feed via Kraken).
- The pair now faces another major resistance near $12.30, which is a crucial hurdle for buyers.
Ethereum classic price has recovered well against the US Dollar and Bitcoin. ETC/USD now has to clear $12.30 for further gains in the near term.
Ethereum Classic Price Upside Barrier
After a nasty decline below the $10.00 handle, ETC price managed to find support near $8.70 against the US Dollar. The price started a decent recovery from the $8.67 low and managed to move above the $10.00 handle. There was a break above the 23.6% Fib retracement level of the last decline from the $14.50 high to $8.67 low. The upside move was strong, as there was even a break above the $10.80 resistance.
Later, there was a break above a bearish trend line with resistance at $11.00 on the hourly chart of ETC/USD. The most important move was above the 50% Fib retracement level of the last decline from the $14.50 high to $8.67 low and the 100 hourly simple moving average. These all are positive signs and suggest a decent trend above $11.00. The next important hurdle for buyers is near $12.30.
The stated $12.30 resistance represents the 61.8% Fib retracement level of the last drop from the $14.50 high to $8.67 low. A break and close above $12.30 would open the doors for a move towards the $14.00 handle. On the downside, a bullish trend line at $11.50 is an immediate support, followed by the 100 hourly SMA.
Hourly MACD – The MACD is back in the bullish zone.
Hourly RSI – The RSI is heading higher towards the 70 level.
Major Support Level – $11.00
Major Resistance Level – $12.30
Charts courtesy – Trading View, Kraken
