Ethereum Classic Price Technical Analysis – ETC/USD Attempting Upside Break

Key Highlights

• Ethereum classic price is facing a major upside barrier near the $12.50 level against the US Dollar.
• There is a key bullish trend line forming with support at $11.80 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
• The pair might once again attempt an upside break above the 12.50 resistance.

Ethereum classic price is recovering against the US Dollar and Bitcoin. However, ETC/USD needs to break $12.80 to gain momentum in the near term.

Ethereum Classic Price Upside Hurdle

There was a minor dip in ETC price recently towards the $11.30 level against the US Dollar. However, the downside move was prevented by the $11.20-10 support area and the price recovered. The price moved above the $12.30 level, but failed to break the $12.50 resistance. There were many attempts to break $12.50, but buyers failed to gain momentum. It declined and traded below the 38.2% Fib retracement level of the last wave from the $11.10 low to $12.78 high.

The downside move was protected by a key bullish trend line with support at $11.80 on the hourly chart of the ETC/USD pair. Moreover, the 61.8% Fib retracement level of the last wave from the $11.10 low to $12.78 high also acted as a support. At the moment, the 100 hourly simple moving average is holding losses and pushing the pair above $12.00.

It would need a proper break and close above $12.50 for further gains in ETC. On the flip side, a break of the trend line support at $11.80 could ignite a downside reaction towards $11.20. Overall, there can be more ranging moves above $11.80 before the pair attempts a break above $12.50.

Hourly MACD – The MACD is showing positive signs in the bullish zone.

Hourly RSI – The RSI is currently just above the 50 level and heading north.

Major Support Level – $11.80

Major Resistance Level – $12.50

 

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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