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    Ethereum Classic Technical Analysis – ETC/USD To Gain Momentum?

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    Key Highlights

    • Ethereum classic price looks like forming base above the $26.00 level against the US dollar.
    • There was a break above a major bearish trend line with resistance at $29.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
    • The pair is likely to extend gains above the $30.00 level with next resistances on the upside at $31.35.

    Ethereum classic price is recovering nicely against the US Dollar and Bitcoin. ETC/USD may continue to gain pace and it could even retest the $34.00 level.

    Ethereum Classic Price Trend

    There was a nice support base formed above the $25.00 level in ETC price against the US dollar. The price formed a low at $26.42 and it later started an upside move. It traded above the $28.00 resistance to gain traction. There was a break above the 23.6% Fib retracement level of the last drop from the $36.26 high to $26.42 low. It opened the doors for more gains and the price was able to move above $28.50.

    During the upside move, there was a break above a major bearish trend line with resistance at $29.00 on the hourly chart of the ETC/USD pair. The pair is now trading above the $30.00 level and the 100 hourly simple moving average. It is currently testing the 38.2% Fib retracement level of the last drop from the $36.26 high to $26.42 low. It has to move above the $30.50 level to gain momentum towards the $32.00 level.

    The next major hurdle for buyers is around $32.50 and the 61.8% Fib retracement level of the last drop from the $36.26 high to $26.42 low. On the downside, the $30.00 level is a short-term support, followed by the broken resistance at $28.50.

    Hourly MACD – The MACD for ETC/USD is slowly gaining pace in the bullish zone.

    Hourly RSI – The RSI for ETC/USD is slowly moving higher and is currently above the 50 level.

    Major Support Level – $28.50

    Major Resistance Level – $32.00

     

    Charts courtesy – Trading View, Kraken

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