Ethereum Classic Price Technical Analysis – ETC/USD Targets $20

Key Highlights

  • Ethereum traditional worth is surging larger and is presently positioned properly above $17.00 towards the US greenback.
  • There was a break above a significant connecting resistance development line at $17.40 on the hourly chart of the ETC/USD pair (Information feed by way of Kraken).
  • The pair is in a strong uptrend and it might proceed to maneuver larger in the direction of $20.

Ethereum traditional worth is poised to increase beneficial properties towards the US Greenback and Bitcoin. ETC/USD is prone to transfer previous $18.00 for a check of the $20.00 deal with.

Ethereum Classic Price Development

There was a bullish bias shaped above the $15.00 degree in ETC worth towards the US greenback. The ETC/USD pair shaped a strong assist base at $15.00 and began a key upside transfer. It traded larger and cleared a couple of essential hurdles akin to $16.00 and $16.50. Extra importantly, there was an in depth above the $16.50 degree and the 100 hourly easy transferring common, which cleared the trail for extra beneficial properties.

In consequence, the worth moved above the $17.00 resistance space. Later, there was break above a significant connecting resistance development line at $17.40 on the hourly chart of the ETC/USD pair. The pair traded additional larger in the direction of the $18.00 degree. A excessive was shaped at $17.97 earlier than the worth began a draw back correction. It looks as if the worth might examined the 23.6% Fib retracement degree of the final upside wave from the $15.03 low to $17.97 excessive. The $17.40 assist can be near the damaged development line. Due to this fact, the $17.40-50 space might act as a powerful purchase zone.

The chart signifies the present bullish development above $16.50. So long as the worth is above $16.50 and 100 SMA, it might commerce to a brand new month-to-month excessive above $18.00. The following main barrier for consumers is near $20.00.

Hourly MACD – The MACD for ETC/USD is slowly decreasing its bullish slope.

Hourly RSI – The RSI for ETC/USD is transferring south in the direction of the 50 degree.

Main Help Stage – $17.00

Main Resistance Stage – $18.00

About Tom Greenly

Check Also

Poland Backpedals on “Irrational” Crypto Tax After Strong Backlash

Taxes Authorities in Poland have realized how inapplicable their resolution to tax all crypto transactions …

KODAKCoin SAFT Launches Today

The KODAKOne platform for digital picture rights administration and the underlying KODAKCoin was launched at …