Key Highlights
- Ethereum classic price gained momentum intraday and moved above $11.80 against the US Dollar.
- There is a major bullish trend line forming with support at $11.20 on the hourly chart of ETC/USD (Data feed via Kraken).
- The pair is now in the bullish zone and eyeing further gains above $12.00 in the near term.
Ethereum classic price managed to outpace negative sentiment against the US Dollar and Bitcoin. ETC/USD is now above $12.00 and looking to extend gains.
Ethereum Classic Price Support
Yesterday, we saw a decent upside move above $10.50 in ETC price against the US Dollar. The price even moved above the 100 hourly simple moving average and the $11.00 handle. There was a clear break of the 38.2% Fib retracement level of the last drop from the $13.25 high to $9.82 low. It opened the doors for more gains and the price even moved above the $12.00 handle.
Buyers succeeded in pushing the price above the 50% Fib retracement level of the last drop from the $13.25 high to $9.82 low. A high was formed at $12.29 from where the price corrected a few points. It tested the 50% Fib retracement level of the last wave from the $10.80 low to $12.29 high. The $11.50 level acted as a decent support and the price is now back gaining upward momentum. It has to settle above $12.00 once again to gain control and trade towards $12.40-12.50.
On the downside, there is a major bullish trend line forming with support at $11.20 on the hourly chart of ETC/USD. Buying dips near the trend line support or $10.80 can be considered in the near term as long as the price is above $10.50.
Hourly MACD – The MACD is moving back in the bullish zone.
Hourly RSI – The RSI is well above the 50 level.
Major Support Level – $11.20
Major Resistance Level – $12.40
Charts courtesy – Trading View, Kraken