Ethereum Classic Price Technical Analysis – ETC/USD Gaining Pace

Key Highlights

• Ethereum classic price is gaining upside momentum and already moved above $11.80 against the US Dollar.
• There was a break above a monster bearish trend line with resistance at $12.00 on the hourly chart of ETC/USD (Data feed via Kraken).
• The pair might soon break the $12.60 resistance to trade further higher in the near term.

Ethereum classic price is moving higher against the US Dollar and Bitcoin. ETC/USD might soon break $13.00 and trade towards $14.00.

Ethereum Classic Price Upside Move

There was a slow and steady downside move in ETC price as it traded below $12.00 against the US Dollar. The price formed a low at $11.49 before the price started correcting higher. It gained pace and was able to clear the $11.80 resistance. There was a break above the 23.6% Fib retracement level of the last decline from the $14.00 high to $11.49 low. Moreover, there was a break above a monster bearish trend line with resistance at $12.0 on the hourly chart of ETC/USD.

The most important break was above $12.20 and the 100 hourly simple moving average. It has opened the doors more gains above $12.20. The next resistance is around the 50% Fib retracement level of the last decline from the $14.00 high to $11.49 low at $12.70-80. The mentioned $12.80 resistance acted as a support earlier, and now it may stop the upside move. Should there be a break above $12.80, the price would easily go towards $14.00.

On the downside, the broken resistance at $12.20 might now act as a support. Moreover, the $12.00 level is also a good buy zone. The overall trend is positive, and the price might spike higher soon towards $13.00.

Hourly MACD – The MACD is back in the bullish zone.

Hourly RSI – The RSI is now well around the overbought levels.

Major Support Level – $12.00

Major Resistance Level – $12.60

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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