Ethereum Classic Price Technical Analysis – ETC/USD to Break $12.50?

Key Highlights

• Ethereum classic price gained momentum intraday and moved above $11.80 against the US Dollar.
• There is a major bullish trend line forming with support at $11.20 on the hourly chart of ETC/USD (Data feed via Kraken).
• The pair is now in the bullish zone and eyeing further gains above $12.00 in the near term.

Ethereum classic price managed to outpace negative sentiment against the US Dollar and Bitcoin. ETC/USD is now above $12.00 and looking to extend gains.

Ethereum Classic Price Support

Yesterday, we saw a decent upside move above $10.50 in ETC price against the US Dollar. The price even moved above the 100 hourly simple moving average and the $11.00 handle. There was a clear break of the 38.2% Fib retracement level of the last drop from the $13.25 high to $9.82 low. It opened the doors for more gains and the price even moved above the $12.00 handle.

Buyers succeeded in pushing the price above the 50% Fib retracement level of the last drop from the $13.25 high to $9.82 low. A high was formed at $12.29 from where the price corrected a few points. It tested the 50% Fib retracement level of the last wave from the $10.80 low to $12.29 high. The $11.50 level acted as a decent support and the price is now back gaining upward momentum. It has to settle above $12.00 once again to gain control and trade towards $12.40-12.50.

On the downside, there is a major bullish trend line forming with support at $11.20 on the hourly chart of ETC/USD. Buying dips near the trend line support or $10.80 can be considered in the near term as long as the price is above $10.50.

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

Hourly RSI – The RSI is well above the 50 level.

Major Support Level – $11.20

Major Resistance Level – $12.40

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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