Key Highlights
- Ethereum classic price declined towards the .00 support and recovered against the US dollar.
- There was a break above a key contracting triangle with resistance at .55 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is currently placed nicely above .40 and it could correct higher towards the .00 level.
Ethereum classic price is slowly recovering against the US Dollar and Bitcoin. ETC/USD is likely to climb towards the .00 or .25 levels in the near term.
Ethereum Classic Price Analysis
Recently, there were heavy declines in ETC price from the .40 swing high against the US dollar. The ETC/USD pair declined and broke the .20, .00 and .50 support levels. The decline was such that the price spiked below the .00 support and traded as low as .97. The price even settled below the .00 handle and the 100 hourly simple moving average.
Later, the price corrected higher from the .97 swing low and moved above the .00 and .20 level. The price gained traction above the 23.6% Fib retracement level of the last decline from the .40 high to .97 low. There was also a break above a key contracting triangle with resistance at .55 on the hourly chart of the ETC/USD pair. It has opened the doors for further upsides towards the .00 level. The next resistance is at .20 and the 50% Fib retracement level of the last decline from the .40 high to .97 low. Further above, the 100 hourly simple moving average is positioned near the .25 level.
The chart suggests that ETC price is placed nicely above the .40 and .20 support levels. Therefore, there are chances of an upside recovery towards .00 and .20. Any further gains will most likely face sellers near .80.
Hourly MACD – The MACD for ETC/USD is currently placed in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently above the 50 level.
Major Support Level – .20
Major Resistance Level – .00
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