- 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
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
Source：Read the official page