Analysis

Ethereum Classic Price Analysis: ETC/USD Eyeing Upside Break Above $10

Key Highlights

  • Ethereum classic price is forming a decent support base near the $ 9.20 level against the US dollar.
  • There is an ascending channel formed with support at $ 9.35 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair is likely to move higher and it could even break the $ 10.00 resistance in the near term.

Ethereum classic price is positioning for a recovery against the US Dollar and Bitcoin. ETC/USD could gain traction once it breaks the $ 10.00 resistance.

Ethereum Classic Price Analysis

There was a break below the $ 10.00 support this past week in ETC price against the US dollar. The ETC/USD pair traded below the $ 9.20 and $ 9.00 support levels. A new monthly low was formed at $ 8.92 before the price started an upside correction. The price moved above the $ 9.00 level and the 100 hourly simple moving average. There was also a break above the 23.6% Fib retracement level of the last drop from the $ 10.80 high to $ 8.92 low.

The price traded above the $ 9.80 level, but it failed to clear the $ 10.00 resistance. Moreover, there was a rejection near the 50% Fib retracement level of the last drop from the $ 10.80 high to $ 8.92 low. The price retreated and it is currently trading above the $ 9.20 support. It seems like there is an ascending channel formed with support at $ 9.35 on the hourly chart of the ETC/USD pair. The pair may slowly continue to move higher and it could break the channel resistance at $ 9.85. Above the channel, the price will most likely break the $ 10.00 resistance.

Ethereum Classic Price Analysis ETC Chart

The chart suggests that ETC price is forming a solid support above $ 9.20. As long as buyers hold the $ 9.35 and $ 9.20 supports, there could be an upward move towards $ 10.00 or $ 10.50.

Hourly MACD – The MACD for ETC/USD is slowly moving in the bullish zone.

Hourly RSI – The RSI for ETC/USD is moving higher towards the 60 level.

Major Support Level – $ 9.20

Major Resistance Level – $ 10.00

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Analysis – NewsBTC

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