- Ethereum classic price is placed in the bullish zone above the $37.00 support against the US Dollar.
- There is a crucial bullish trend line forming with current support at $37.20 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might continue to rise and it will most likely move above $40 and $42 in the near term.
Ethereum classic price is placed in an uptrend against the US Dollar and Bitcoin. ETC/USD may soon move above $42 for more gains toward $45.
Ethereum Classic Price Uptrend
During the past few days, there was a bullish price action in ETC price above the $35.00 level against the US Dollar. The price dipped on a couple of occasions, but the $35.00 support and the 100 hourly simple moving average protected declines. There was a decent upside reaction and the price traded as high as $42.30 before correcting lower. It has moved below the 50% Fib retracement level of the last wave from the $34.40 low to $42.30 high.
However, the 100 hourly SMA at $37.00 prevented declines. Moreover, there is a crucial bullish trend line forming with current support at $37.20 on the hourly chart of the ETC/USD pair. The pair is trading a nicely above the $37.00 level and the 100 hourly SMA. It also got bid well around the 61.8% Fib retracement level of the last wave from the $34.40 low to $42.30 high. Therefore, there seems like the $37.00 is a major support zone, and the pair might continue to move higher.
A break above the $42.30 high would open the doors for more gains toward the $45.00 level or even $50.00.
Hourly MACD – The MACD for ETC/USD is slightly in the bullish zone and is placed well.
Hourly RSI – The RSI for ETC/USD is just above the 50 level and is moving higher.
Major Support Level – $37.00
Major Resistance Level – $42.00
Charts courtesy – Trading View, Kraken