Key Highlights
- Ethereum classic price found a support near the $22.50 level after a slide from $25.60 against the US dollar.
- There is a major bullish trend line forming with support at $23.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair remains well placed in an uptrend and it could rise towards the $25.00 level in the near term.
Ethereum classic price is trading nicely against the US Dollar and bitcoin. ETC/USD remains well supported above $23.00 and it may soon gain traction towards $25.00.
Ethereum Classic Price Support
After trading above the $25.50 level, ETC price started a against the US dollar. The ETC/USD pair declined and traded below the $25.00 and $24.00 support levels. There was even a break below the 50% Fib retracement level of the last wave from the $20.00 swing low to $25.60 high. However, the decline was protected by the $22.50 support and the 100 hourly simple moving average.
A low was formed at $22.51 before the price started an upside move. It climbed above the 23.6% Fib retracement level of the last decline from the $25.63 high to $22.51 low. It is also placed nicely above the $23.20 support and the 100 hourly SMA. Moreover, there is a major line forming with support at $23.00 on the hourly chart of the ETC/USD pair. Therefore, the price remains well supported on the downside above the $23.00 level. A break and close below the $23.00 support may push the price back towards $22.50.
The indicates that the price has to move above the 50% Fib retracement level of the last decline from the $25.63 high to $22.51 low. A break above the $24.05 level could open the doors for a test of $25.00.
Hourly MACD – The MACD for ETC/USD is slowly moving in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently just below the 50 level.
Major Support Level – $23.00
Major Resistance Level – $24.05
Published at Tue, 08 May 2018 08:00:14 +0000
Analysis