Key Highlights
- Ethereum classic price accelerated gains and broke the $20 resistance level against the US dollar.
- There are two bullish trend lines forming with support at $21.00 and $20.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair remains elevated and it could continue to move higher above the $22.00 level.
Ethereum classic price is placed in a solid uptrend against the US Dollar and bitcoin. ETC/USD may continue to move higher and it could test $25.
Ethereum Classic Price Support
The past few sessions were as ETC price surged from the $18.00 swing low against the US dollar. The ETC/USD pair traded higher and broke the $20.00 barrier to move into a bullish zone. It even cleared sell offers near $21.00 and traded towards $22.00. A high was formed at $21.91, and it seems like the price remains in a solid uptrend above $20.00.
An initial support is around the 23.6% Fib retracement level of the last leg from the $19.87 low to $21.91 high. More importantly, there are two bullish trend lines forming with support at $21.00 and $20.50 on the hourly chart of the ETC/USD pair. Below the first trend line, the 50% Fib retracement level of the last leg from the $19.87 low to $21.91 high is at $20.89. The mentioned $20.90-21.00 area is a significant support since it was a resistance earlier. If the price corrects lower from the current levels, the $20.90-21.00 area is likely to act as a decent .
The points that the price will most likely accelerate gains above $21.91. A break above the $22.00 level could clear the path for an acceleration towards the $25.00 level. An intermediate resistance is close to $23.60.
Hourly MACD – The MACD for ETC/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently near the overbought levels.
Major Support Level – $20.90
Major Resistance Level – $22.00
Published at Tue, 24 Apr 2018 08:00:13 +0000
Analysis
