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.
- 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