Key Highlights
- Ethereum classic price is gaining upside momentum and already moved above $11.80 against the US Dollar.
- There was a break above a monster bearish trend line with resistance at $12.00 on the hourly chart of ETC/USD (Data feed via Kraken).
- The pair might soon break the $12.60 resistance to trade further higher in the near term.
Ethereum classic price is moving higher against the US Dollar and Bitcoin. ETC/USD might soon break $13.00 and trade towards $14.00.
Ethereum Classic Price Upside Move
There was a slow and steady downside move in ETC price as it traded below $12.00 against the US Dollar. The price formed a low at $11.49 before the price started correcting higher. It gained pace and was able to clear the $11.80 resistance. There was a break above the 23.6% Fib retracement level of the last decline from the $14.00 high to $11.49 low. Moreover, there was a break above a monster bearish trend line with resistance at $12.0 on the hourly chart of ETC/USD.
The most important break was above $12.20 and the 100 hourly simple moving average. It has opened the doors more gains above $12.20. The next resistance is around the 50% Fib retracement level of the last decline from the $14.00 high to $11.49 low at $12.70-80. The mentioned $12.80 resistance acted as a support earlier, and now it may stop the upside move. Should there be a break above $12.80, the price would easily go towards $14.00.
On the downside, the broken resistance at $12.20 might now act as a support. Moreover, the $12.00 level is also a good buy zone. The overall trend is positive, and the price might spike higher soon towards $13.00.
Hourly MACD – The MACD is back in the bullish zone.
Hourly RSI – The RSI is now well around the overbought levels.
Major Support Level – $12.00
Major Resistance Level – $12.60
Charts courtesy – Trading View, Kraken
