- Ethereum classic price is slowly recovering from the $8.90 swing low against the US dollar.
- This week’s followed important ascending channel formed is active with support at $9.40 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair may continue to rise towards the $10.20 and $10.80 resistance levels.
Ethereum classic price is forming a base for an upward move against the US Dollar and Bitcoin. ETC/USD could gain strength above $10.00 for more gains in the near term.
Ethereum Classic Price Analysis
Recently, we saw a downside move below the $10.00 support in ETC price against the US dollar. The ETC/USD pair even broke the $9.00 support and traded as low as $8.92. Later, buyers appeared and pushed the price back above the $9.00 level. The price traded higher steadily and broke the 23.6% Fib retracement level of the previous decline from the $10.80 swing high to $8.90 swing low.
Furthermore, there was a close above the $9.50 level and the 100 hourly simple moving average. However, the upside move failed near the $9.80-9.85 resistance area. More importantly, there was a failure near the 50% Fib retracement level of the previous decline from the $10.80 swing high to $8.90 swing low. At the outset, this week’s followed important ascending channel formed is active with support at $9.40 on the hourly chart of the ETC/USD pair. The pair is placed nicely above the channel support, $9.20 and the 100 hourly SMA. Therefore, it could rally above the $9.80 and $10.00 resistance levels in the near term.
The chart suggests that ETC price may possibly gain momentum once there is a convincing break above the $10.00 resistance. The next stop for buyers in the mentioned case could be $10.50 or $10.80.
Hourly MACD – The MACD for ETC/USD is slightly placed in the bearish zone.
Hourly RSI – The RSI for ETC/USD is currently placed above the 50 level.
Major Support Level – $9.20
Major Resistance Level – $10.00