Ethereum Classic why are you so…?

Ethereum Classic why are you so…?

Ethereum classic price is placed in the bullish zone against the US Dollar and Bitcoin. ETC/USD may soon break $28.00 to test the $30.00 level in the near term.

Key Highlights

  • Ethereum classic price is moving nicely above the $26.00 support level against the US Dollar.
  • There is a crucial contracting triangle forming with support at $26.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair might soon make the next move and will most likely break the $28.00 resistance.

The current bias is positive for ETC price above the $25.00 and $26.00 support levels against the US Dollar. The price was seen trading higher from the $22.50 swing low and recently moved above the $25.00 resistance. The recent low as $24.30 from where the price made a nice upside move and traded above the 100 hourly simple moving average. At the moment, the price is above $27.00 and looks set for more gains.

Looking at the hourly chart of ETC/USD, there is a crucial contracting triangle forming with support at $26.50. The pair is currently struggling to break the 61.8% Fib retracement level of the last decline from the $30.25 high to $24.30 low. Once the pair breaks the triangle resistance and the 76.4% % Fib retracement level of the last decline from the $30.25 high to $24.30 low, it could retest $30.00. Above the mentioned $30.00, the price could even move towards the $32.00 level.

On the downside, there is a major support around $26.50 and the 100 hourly simple moving average. The pair must stay above the $26.00-26.50 support in order to gain pace for an upside break.

Hourly MACD – The MACD for ETC/USD is almost flat and is currently showing no signs of a break.

Hourly RSI – The RSI for ETC/USD is above the 50 level and is pointing bullish signs.

Major Support Level – $26.00

Major Resistance Level – $28.00

Ethereum-Classic-2.png

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