- Ethereum classic price is in a decent uptrend and is placed nicely above the $30.00 level against the US Dollar.
- There is a major ascending channel forming with support at $30.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might continue to rise in the near term above the $32.00 and $35.00 resistance levels.
Ethereum classic price is slowly gaining momentum against the US Dollar and Bitcoin. ETC/USD could soon move above $34.00 for more upsides in the near term.
Ethereum Classic Price Uptrend
There were steady gains in ETC price from the $26.00 swing low against the US Dollar. The price was able to move above a few important resistance levels such as $30.00 and $34.00. It traded as high as $34.61 before the price started a downside move. It declined and moved towards the $28.00-29.00 support area. A low was formed at $28.50 and the price was able to move back higher.
It has already traded above the 50% Fib retracement level of the last decline from the $34.61 high to $25.80 low. It seems like there is a major ascending channel forming with support at $30.00 on the hourly chart of the ETC/USD pair. The channel support is also above the $28.00 pivot and the 100 hourly simple moving average. As long as the pair is above the channel support at $30.00 and $28.00, there can be further gains.
A close above the 76.4% Fib retracement level of the last decline from the $34.61 high to $25.80 low at $32.28 could open the doors for upsides above $34.00. Above $34.00, the price might even accelerate above the $35.00 level in the near term.
Hourly MACD – The MACD for ETC/USD has moved back in the bullish zone is showing good signs.
Hourly RSI – The RSI for ETC/USD is currently well above the 50 level.
Major Support Level – $28.00
Major Resistance Level – $34.00
Charts courtesy – Trading View, Kraken