- Ethereum classic price made a nice upside move towards $30.00 against the US Dollar.
- There is a short-term flag pattern forming with support near $27.20 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might correct a few points, but downsides are likely to be limited by $27.20-27.00.
Ethereum classic price is bullish against the US Dollar and Bitcoin. ETC/USD might correct in the short term, but might soon break or retest $30.00.
Ethereum Classic Price Support
Recently, we saw an upside move above $30.00 in ETC price against the US Dollar. A high was set recently at $30.84 before the price started correcting lower. It declined a few points below the 23.6% Fib retracement level of the last wave from the $21.90 low to $30.84 high. However, the downside move was protected by the $28.00 support and the 100 hourly simple moving average.
It seems like there is a short-term flag pattern forming with support near $27.20 on the hourly chart of the ETC/USD pair. The pair might correct a few points if it moves below the 100 hourly SMA and $28.00. The channel support is now at $27.20 and the 38.2% Fib retracement level of the last wave from the $21.90 low to $30.84 high. In any case, dips remain supported above $27.00 and $26.00. The most important support is around $26.50 and the 50% Fib retracement level of the last wave from the $21.90 low to $30.84 high.
Buyers are currently in control above $27.00. On the upside, a break above the $29.50 level is needed for ETC to retest $30.00 and $31.00. Above $31.00, the price could accelerate and trade towards the next major resistance near $32.80.
Hourly MACD – The MACD for ETC/USD is mostly in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently well below the 50 level.
Major Support Level – $26.50
Major Resistance Level – $30.00
Charts courtesy – Trading View, Kraken