Key Highlights

  • Ethereum classic price is moving nicely above the $30-31 support area against the US Dollar.
  • There are two bullish trend lines forming with support at $31.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair might continue to rise toward the $35.00 level as long as it is above $30.00.

Ethereum classic price is moving higher against the US Dollar and Bitcoin. ETC/USD is stable above $30.00 and is eyeing more upsides toward $35.00.

Ethereum Classic Price Support

There was a steady rise in ETC price above the $26.00 pivot against the US Dollar. The price gained momentum and was able to move above the $30.00 and $34.00 resistance levels. A high was formed at $34.96 from where a downside correction wave was initiated. ETC has moved below the 23.6% Fib retracement level of the last wave from the $25.90 low to $34.96 high.

However, there are many supports on the downside above the $30.00 handle. There are two bullish trend lines forming with support at $31.50 on the hourly chart of the ETC/USD pair. The pair recently tested the 50% Fib retracement level of the last wave from the $25.90 low to $34.96 high. It is currently holding the $31.40 support and is showing a lot of positive signs. It seems like the pair is likely to hold the $31.40-50 support area. On the upside, an initial resistance is around the $33.00 level.

Ethereum Classic Price Technical Analysis ETC USD

Above the mentioned $33.00 level, the price could move above the $34.00 level toward the recent high of $34.96 in the near term. A break above the $35.00 level won’t be easy considering the current market moves.

Hourly MACD – The MACD for ETC/USD is currently in the bearish zone with no major negative sign.

Hourly RSI – The RSI for ETC/USD is holding the 50 level very well and is showing positive signs.

Major Support Level – $31.40

Major Resistance Level – $34.00

 

Charts courtesy – Trading View, Kraken

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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