Key Highlights
- Ethereum classic price gained heavily recently and moved above $25.00 against the US Dollar.
- There is a key bullish trend line forming with support at $26.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might correct a few points lower but remains supported above the $26.00-25.00 levels.
Ethereum classic price gained a lot recently against the US Dollar and Bitcoin. ETC/USD is now above $25.00 and looks set for more gains.
Ethereum Classic Price Support
In the previous analysis, we discussed how ETC price can trade above $20.00 against the US Dollar. The price gained momentum and was able to break $20.00 and $24.00 resistance levels. The upside move was strong and the price even broke the $25.00 resistance. A new monthly high was formed at $27.99 from where a minor correction wave was initiated. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $20.15 low to $27.99 high.
There is also a key bullish trend line forming with support at $26.00 on the hourly chart of the ETC/USD pair. The trend line support is likely to act as a major support above $25.00. Moreover, the 38.2% Fib retracement level of the last wave from the $20.15 low to $27.99 high is at $24.97. Therefore, the $25.00 level is another major support area in the near term.
There are chances that the pair might correct a few points down, but it remains supported above the $26.00-25.00 levels. On the upside, the $28.00 level is an immediate resistance. A break above the same would call for a test of the next major resistance at $30.00.
Hourly MACD – The MACD for ETC/USD is currently placed well in the bullish zone.
Hourly RSI – The RSI for ETC/USD is correcting lower from the overbought levels.
Major Support Level – $25.00
Major Resistance Level – $28.00
Charts courtesy – Trading View, Kraken
