Key Highlights
- Ethereum classic price recovered recently and tested the .00 resistance against the US dollar.
- There was a break above a crucial bearish trend line with resistance at .45 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is currently correcting lower, but it could bounce back and clear the .00 barrier.
Ethereum classic price is slowly moving higher against the US Dollar and Bitcoin. ETC/USD must settle above .00 to stage a decent recovery in the coming days.
Ethereum Classic Price Analysis
After a massive drop, ETC price found support near the .00 area against the US dollar. The ETC/USD pair formed a solid base above the .00 level and later started a recovery. It moved higher and broke the .40 and .60 resistance levels. During the rise, there was a close above the .60 resistance and the 100 hourly simple moving average.
Moreover, there was a break above a crucial bearish trend line with resistance at .45 on the hourly chart of the ETC/USD pair. The pair tested the .00 resistance and formed a high at .07. Later, it started a downside correction and traded below .00 and .90. The price even broke the 23.6% Fib retracement level of the recent wave from the .09 low to .07 high. On the downside, there are a few key supports near the .60 and .50 levels. The 50% Fib retracement level of the recent wave from the .09 low to .07 high is also near .58. Finally, the 100 hourly SMA is positioned near the .50 level. Therefore, dips from the current levels will most likely find support near .60, .60 or .40.
The chart suggests that ETC price seems to be following a bullish path above .50. A successful daily close above .00 could open the doors for more gains.
Hourly MACD – The MACD for ETC/USD is currently in the bearish zone.
Hourly RSI – The RSI for ETC/USD is still above the 50 level.
Major Support Level – .50
Major Resistance Level – .00
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