- Ethereum classic price gained heavily recently and moved above $25.00 against the US Dollar.
- There is a key bullish trend line forming with support at $26.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might correct a few points lower but remains supported above the $26.00-25.00 levels.
Ethereum classic price gained a lot recently against the US Dollar and Bitcoin. ETC/USD is now above $25.00 and looks set for more gains.
Ethereum Classic Price Support
In the previous analysis, we discussed how ETC price can trade above $20.00 against the US Dollar. The price gained momentum and was able to break $20.00 and $24.00 resistance levels. The upside move was strong and the price even broke the $25.00 resistance. A new monthly high was formed at $27.99 from where a minor correction wave was initiated. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $20.15 low to $27.99 high.
There is also a key bullish trend line forming with support at $26.00 on the hourly chart of the ETC/USD pair. The trend line support is likely to act as a major support above $25.00. Moreover, the 38.2% Fib retracement level of the last wave from the $20.15 low to $27.99 high is at $24.97. Therefore, the $25.00 level is another major support area in the near term.
There are chances that the pair might correct a few points down, but it remains supported above the $26.00-25.00 levels. On the upside, the $28.00 level is an immediate resistance. A break above the same would call for a test of the next major resistance at $30.00.
Hourly MACD – The MACD for ETC/USD is currently placed well in the bullish zone.
Hourly RSI – The RSI for ETC/USD is correcting lower from the overbought levels.
Major Support Level – $25.00
Major Resistance Level – $28.00
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.
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