Ethereum Classic Price Technical Analysis – ETC/USD Could Retest $25

Key Highlights

  • Ethereum traditional worth discovered a help close to the $22.50 degree after a slide from $25.60 in opposition to the US greenback.
  • There’s a main bullish development line forming with help at $23.00 on the hourly chart of the ETC/USD pair (Knowledge feed through Kraken).
  • The pair stays effectively positioned in an uptrend and it might rise in direction of the $25.00 degree within the close to time period.

Ethereum traditional worth is buying and selling properly in opposition to the US Greenback and Bitcoin. ETC/USD stays effectively supported above $23.00 and it could quickly acquire traction in direction of $25.00.

Ethereum Classic Price Help

After buying and selling above the $25.50 degree, ETC worth began a draw back correction in opposition to the US greenback. The ETC/USD pair declined and traded under the $25.00 and $24.00 help ranges. There was even a break under the 50% Fib retracement degree of the final wave from the $20.00 swing low to $25.60 excessive. Nevertheless, the decline was protected by the $22.50 help and the 100 hourly easy shifting common.

A low was shaped at $22.51 earlier than the worth began an upside transfer. It climbed above the 23.6% Fib retracement degree of the final decline from the $25.63 excessive to $22.51 low. Additionally it is positioned properly above the $23.20 help and the 100 hourly SMA. Furthermore, there’s a main bullish development line forming with help at $23.00 on the hourly chart of the ETC/USD pair. Due to this fact, the worth stays effectively supported on the draw back above the $23.00 degree. A break and shut under the $23.00 help might push the worth again in direction of $22.50.

The chart signifies that the worth has to maneuver above the 50% Fib retracement degree of the final decline from the $25.63 excessive to $22.51 low. A break above the $24.05 degree might open the doorways for a check of $25.00.

Hourly MACD – The MACD for ETC/USD is slowly shifting within the bullish zone.

Hourly RSI – The RSI for ETC/USD is presently just under the 50 degree.

Main Help Degree – $23.00

Main Resistance Degree – $24.05

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