Ethereum Classic Price Technical Analysis – Can ETC/USD Break $12.30?


Ethereum classic price has recovered well against the US Dollar and Bitcoin. ETC/USD now has to clear $12.30 for further gains in the near term.

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Key Highlights

  • Ethereum classic price after finding support near $8.70 against the US Dollar started a recovery.
  • There was a break above a bearish trend line with resistance at $11.00 on the hourly chart of ETC/USD (Data feed via Kraken).
  • The pair now faces another major resistance near $12.30, which is a crucial hurdle for buyers.

Ethereum classic price has recovered well against the US Dollar and Bitcoin. ETC/USD now has to clear $12.30 for further gains in the near term.

Ethereum Classic Price Upside Barrier

After a nasty decline below the $10.00 handle, ETC price managed to find support near $8.70 against the US Dollar. The price started a decent recovery from the $8.67 low and managed to move above the $10.00 handle. There was a break above the 23.6% Fib retracement level of the last decline from the $14.50 high to $8.67 low. The upside move was strong, as there was even a break above the $10.80 resistance.

Later, there was a break above a bearish trend line with resistance at $11.00 on the hourly chart of ETC/USD. The most important move was above the 50% Fib retracement level of the last decline from the $14.50 high to $8.67 low and the 100 hourly simple moving average. These all are positive signs and suggest a decent trend above $11.00. The next important hurdle for buyers is near $12.30.

The stated $12.30 resistance represents the 61.8% Fib retracement level of the last drop from the $14.50 high to $8.67 low. A break and close above $12.30 would open the doors for a move towards the $14.00 handle. On the downside, a bullish trend line at $11.50 is an immediate support, followed by the 100 hourly SMA.

Hourly MACD – The MACD is back in the bullish zone.

Hourly RSI – The RSI is heading higher towards the 70 level.

Major Support Level – $11.00

Major Resistance Level – $12.30

 

Charts courtesy – Trading View, Kraken

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