Key Highlights
- Ethereum classic price formed a support base near $12.00 and moved higher against the US dollar.
- There was a break above a contracting triangle with resistance at $12.58 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair has moved into a bullish zone and it could continue to move higher towards $13.00 and $13.50.
Ethereum classic price is gaining traction against the US Dollar and Bitcoin. ETC/USD is placed nicely above $12.50 for more gains in the near term.
Ethereum Classic Price Support
After trading as low as $11.88, ETC price started an upside move against the US dollar. The ETC/USD pair traded above the $12.00 and $12.20 resistance levels. The price also traded above the 23.6% Fib retracement level of the last slide from the $13.47 high to $11.88 low. However, the upside move was capped by the $12.70 level and the price dropped back towards the $12.00-12.20 support.
Later, the price formed a support base near $12.00 and moved higher. It settled above the $12.50 resistance and the 100 hourly simple moving average. Moreover, there was a break above a contracting triangle with resistance at $12.58 on the hourly chart of the ETC/USD pair. The pair is currently trading near the 50% Fib retracement level of the last slide from the $13.47 high to $11.88 low. Once there is a proper close above the $12.75 and $12.80 levels, the price is likely to accelerate above the $13.00 level. If ETC buyers gain control, the price may well break the $13.10 resistance and revisit the $13.40 zone.
The chart suggests that ETC price could dip a few points, but the broken triangle near $12.60 is likely to hold declines. Below this, the next major support is near $12.50 and the 100 hourly SMA.
Hourly MACD – The MACD for ETC/USD is placed nicely in the bullish zone.
Hourly RSI – The RSI for ETC/USD is now well above the 50 level.
Major Support Level – $12.50
Major Resistance Level – $13.00
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