Key Highlights
- Ethereum classic price rocketed higher and moved above $13.00 against the US Dollar.
- There was a break above a contracting triangle with resistance at $12.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The ETC/USD pair might continue to move higher and it could even break the $14.00-14.20 resistance.
Ethereum classic price is gaining heavy bids against the US Dollar and Bitcoin. ETC/USD might continue to move higher towards $15.00 in the near term.
Ethereum Classic Price Uptrend
The past couple of days were super bullish for ETC price as it moved above the $11.00 resistance against the US Dollar. The price surged higher and took out all sell offers near the $12.00 and $13.00 handle. It even traded a few points above $14.00 before forming a high at $14.10. During the upside move, there was a break above a contracting triangle with resistance at $12.00 on the hourly chart of the ETC/USD pair.
The pair gained pace and settled above $13.00, and is currently well above the 100 hourly simple moving average. The current upside move is very strong as long as the price is above $12.00. At present, the pair is consolidating gains and tested the 38.2% Fib retracement level of the last wave from the $11.70 low to $14.10 high. On the downside, the most important support is near $13.00. The next one is around the 50% Fib retracement level of the last wave from the $11.70 low to $14.10 high near $12.90.
It seems like ETC buyers are well in control and they will most likely push its price back above $14.00. The next important resistance is close to the $15.00 handle.
Hourly MACD – The MACD for ETC/USD is about to move back in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently well above the 50 level and showing positive signs.
Major Support Level – $13.00
Major Resistance Level – $14.00
Charts courtesy – Trading View, Kraken
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