Key Highlights
- Ethereum classic price remains in a positive zone above the $33.00 support against the US dollar.
- There is a crucial declining channel forming with resistance at $35.20 on the hourly chart of the ETC/USD pair (Data feed via SimpleFX).
- The pair must break the $35.00-35.20 resistance area to gain upside momentum.
Ethereum classic price is placed nicely above supports against the US Dollar and bitcoin. ETC/USD has to surpass the $35.00 resistance to trade further higher.
Ethereum Classic Price Upside Hurdle
There was a initiated from the $38.20 swing high in ETC price against the US dollar. The price traded below the $36.00 support level and tested the $33.00 support. Later, a support base was formed and the price corrected higher above the $33.50 level. It even traded above $35.00 and formed a high at $35.88 recently.
However, the upside move was capped by the $35.80 and $36.00 resistance. At the moment, there is a crucial declining channel forming with resistance at $35.20 on the hourly chart of the ETC/USD pair. The pair declined recently and tested the 50% Fib retracement level of the last wave from the $32.93 low to $35.88 high. The downside move was limited below the $34.00 level. Moreover, the 61.8% Fib retracement level of the last wave from the $32.93 low to $35.88 high is also a on the downside.
It seems like ETC needs to move above the $35.00 and $35.20 resistances to gain upside momentum. Once there is a close above $35.00 and the channel resistance, there could be an upside move towards $36.00 and $38.00. On the downside, the $34.00 level is a decent support. Below $34.00, the $33.00 level is a significant support.
Hourly MACD – The MACD for ETC/USD is reducing its bullish slope.
Hourly RSI – The RSI for ETC/USD is currently just above the 50 level.
Major Support Level – $33.00
Major Resistance Level – $35.20
Charts courtesy –
Published at Tue, 27 Feb 2018 08:00:32 +0000
Analysis
