Key Highlights
- Ethereum classic price extended declines and tested .60 before recovering against the US dollar.
- There was a break above a key bearish trend line with resistance at .25 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is showing a few positive signs and it could continue to move higher towards .00 or .20.
Ethereum classic price is slowly recovering against the US Dollar and Bitcoin. ETC/USD may gain traction for a move towards the .20 level.
Ethereum Classic Price Trend
In the last analysis, we discussed that ETC price could decline towards the .00 level against the US dollar. The ETC/USD pair did move down recently and broke the .50 and .00 support levels. However, there was no test of the .00 support and the price traded as low as .67. Later, the price started an upside correction and moved above the .00 resistance.
There was a break above the 23.6% Fib retracement level of the last slide from the .25 high to .67 low. More importantly, there was a break above a key bearish trend line with resistance at .25 on the hourly chart of the ETC/USD pair. The pair is currently trading near the .50 resistance zone and the 100 hourly simple moving average. It also represents the 50% Fib retracement level of the last slide from the .25 high to .67 low. Once there is a break and close above .50, the price is likely to climb towards the .00 resistance. Above this, the next major hurdle for buyers is near the .20 pivot level.
The chart suggests that ETC price is slowly recovering above .00. Any dips from the current levels remain supported near the .05 and .80 levels.
Hourly MACD – The MACD for ETC/USD is currently in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently well above the 50 level with a bullish angle.
Major Support Level – .00
Major Resistance Level – .00
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