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

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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.

Ethereum Classic Price Upside Move

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.

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

 

Charts courtesy – SimpleFX

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