Key Highlights
- Ethereum classic price corrected lower after trading as high as .01 against the US dollar.
- There was a break below a connecting bullish trend line with support at .60 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair remains supported on the downside above .80 and it could resume its uptrend.
Ethereum classic price is positioned in a bullish trend against the US Dollar and Bitcoin. ETC/USD may trade in a range above .80 before it makes the next move.
Ethereum Classic Price Resistance
There was a decent upside move in ETC price above the .00 level against the US dollar. The ETC/USD pair traded towards the .00 level where sellers emerged. A high was formed at .01 from where the price started a downside correction. It moved down and broke the .80 and .60 support levels. Moreover, there was a break below the 50% Fib retracement level of the last leg from the .05 low to .01 high.
More importantly, there was a break below a connecting bullish trend line with support at .60 on the hourly chart of the ETC/USD pair. However, the decline found support near the .50 level, which is a key pivot zone. There is also a bullish trend line on the same chart with current support at .80. At the moment, the price is testing the 50% Fib retracement level of the last drop from the .01 high to .62 low. A break above the .40 level is required for an upside acceleration towards .00 or even higher.
The chart above suggests that the price is positioned nicely above the .80 support. As long as ETC is above .60-80, it may trade in a range before making the next move higher.
Hourly MACD – The MACD for ETC/USD is gaining pace in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently well above the 50 level.
Major Support Level – .60
Major Resistance Level – .40
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