Key Highlights
- Ethereum classic price has formed a support base at $25 against the US Dollar.
- There was a break above a major bearish trend line at $29.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might continue to move higher towards or above the $32 level in the near term.
Ethereum classic price is slowly gaining pace against the US Dollar and Bitcoin. ETC/USD may continue to move higher above the $32 level.
Ethereum Classic Price Upside Move
It seems like a decent support base formed around the $25.00 level in ETC price against the US Dollar. The price moved higher and broke the $26.00 resistance level. There was a break above the 23.6% Fib retracement level of the last decline from the $41.00 high to $24.89 low. ETC buyers were successful in breaking the $27.00 resistance and the 100 hourly simple moving average.
More importantly, there was a break above a major bearish trend line at $29.00 on the hourly chart of the ETC/USD pair. At the moment, the pair is attempting a break above the 38.2% Fib retracement level of the last decline from the $41.00 high to $24.89 low. Once there is a proper close above the $31.09 resistance, there can be more gains. The price could easily move further higher above the $32.00 level. The next resistance is around the 50% Fib retracement level of the last decline from the $41.00 high to $24.89 low.
On the downside, the $29.00 level and the 100 hourly SMA is a decent support and a buy zone. The overall trend is positive above the 100 hourly SMA and the price could easily break the $32.00 level in the near term.
Hourly MACD – The MACD for ETC/USD is almost flat and is showing a few bullish signs.
Hourly RSI – The RSI for ETC/USD is currently well above the 50 level is moving higher.
Major Support Level – $29.00
Major Resistance Level – $32.00
Charts courtesy – Trading View, Kraken
