Ethereum Classic Price Technical Analysis – ETC/USD Breaks Key Resistance

logo

Key Highlights

Ethereum classic price made a nice upside move and traded above $25.00 against the US dollar. There is a key bullish trend line forming with support at $27.40 on the hourly chart of the ETC/USD pair (Data feed via SimpleFX). The pair may correct below the $27.40 level, but the broken resistance at $25.00 is a major support.

Ethereum classic price has moved into the bullish zone against the US Dollar and Bitcoin. ETC/USD is likely to extend gains above $29.00 after completing a short-term correction.

There was a major upside move in ETC price recently as it moved above the $22.00 level support against the US dollar. The upside move was strong as the price was able to move above the $25.00 resistance. It settled above the $26.00 level and is currently well above the 100 hourly simple moving average. It formed a high at $29.52 and is currently correcting lower.

At the moment, the price is testing the 23.6% Fib retracement level of the last wave from the $20.54 low to $29.52 high. Moreover, there is a key bullish trend line forming with support at $27.40 on the hourly chart of the ETC/USD pair. The pair is likely to remain in a bullish trend above the $25.00 level. If there is a break below the trend line support at $27.40, it is likely to find bids near $25.50 and $25.00. The stated $25.00 level is near the 50% Fib retracement level of the last wave from the $20.54 low to $29.52 high.

Ethereum Classic Price Technical Analysis ETC USD

Therefore, the $25.00 level is a major support. On the upside, the pair has to move above $29.00 and $30.00 resistances to gain further momentum.

Hourly MACD – The MACD for ETC/USD is placed nicely in the bullish zone.

Hourly RSI – The RSI for ETC/USD is currently moving lower towards the 50 level.

Major Support Level – $25.00

Major Resistance Level – $29.00

Original author: Aayush Jindal
Tom Lee stated main reasons why Bitcoin will reach...
Ripple is Expected to Grow
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Sunday, 19 August 2018

Captcha Image

Get 100 Satoshi when you Login via Facebook or Twitter!