Ethereum Classic Price Technical Analysis – Can ETC/USD Climb above $22?

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Key Highlights

  • Ethereum classic price traded lower recently and tested the $20.00 support zone against the US dollar.
  • There is a key bearish trend line forming with resistance at $22.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair has to move above the $21.88 and $22.00 resistance levels to gain upside momentum.

Ethereum classic price is recovering higher against the US Dollar and Bitcoin. ETC/USD is likely to trade above the $22.00 hurdle to accelerate gains in the near term.

Ethereum Classic Price Resistance

Recently, there was a start of a downside move in ETC price from the $24.00 swing high against the US dollar. The ETC/USD pair traded lower and broke the $24.00 and $22.00 support levels. It traded close to the $20.00 handle where buyers appeared and protected further losses. A low was formed at $20.13 from where the price started an upside move.

It climbed above the 23.6% Fib retracement level of the last drop from the $25.63 high to $20.13 low. However, the price is facing a major hurdle near the $21.85-90 zone, which was a support earlier. Moreover, there is a key bearish trend line forming with resistance at $22.00 on the hourly chart of the ETC/USD pair. A break above the trend line resistance at $22.00 could open the doors for more gains in the near term. The next stop could the 100 hourly simple moving average at $22.88. It is also the 50% Fib retracement level of the last drop from the $25.63 high to $20.13 low.

Ethereum Classic Price Technical Analysis ETC USD

The chart suggests that the price formed a decent support base above $20.00. There are high chances of an upside break above $22.00 as long as the price stays above $21.00.

Hourly MACD – The MACD for ETC/USD is showing positive signs in the bullish zone.

Hourly RSI – The RSI for ETC/USD is moving higher above the 50 level.

Major Support Level – $21.00

Major Resistance Level – $22.00

The post Ethereum Classic Price Technical Analysis – Can ETC/USD Climb above $22? appeared first on NewsBTC.




via NewsBTC https://www.newsbtc.com
May 10, 2018 at 03:02AM

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