- Ethereum classic price has formed a support base at $25 against the US Dollar.
- There was a break above a major bearish trend line at $29.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might continue to move higher towards or above the $32 level in the near term.
Ethereum classic price is slowly gaining pace against the US Dollar and Bitcoin. ETC/USD may continue to move higher above the $32 level.
Ethereum Classic Price Upside Move
It seems like a decent support base formed around the $25.00 level in ETC price against the US Dollar. The price moved higher and broke the $26.00 resistance level. There was a break above the 23.6% Fib retracement level of the last decline from the $41.00 high to $24.89 low. ETC buyers were successful in breaking the $27.00 resistance and the 100 hourly simple moving average.
More importantly, there was a break above a major bearish trend line at $29.00 on the hourly chart of the ETC/USD pair. At the moment, the pair is attempting a break above the 38.2% Fib retracement level of the last decline from the $41.00 high to $24.89 low. Once there is a proper close above the $31.09 resistance, there can be more gains. The price could easily move further higher above the $32.00 level. The next resistance is around the 50% Fib retracement level of the last decline from the $41.00 high to $24.89 low.
On the downside, the $29.00 level and the 100 hourly SMA is a decent support and a buy zone. The overall trend is positive above the 100 hourly SMA and the price could easily break the $32.00 level in the near term.
Hourly MACD – The MACD for ETC/USD is almost flat and is showing a few bullish signs.
Hourly RSI – The RSI for ETC/USD is currently well above the 50 level is moving higher.
Major Support Level – $29.00
Major Resistance Level – $32.00
Charts courtesy – Trading View, Kraken
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.