Ethereum Classic Price Technical Analysis – ETC/USD Surges above $40

0
82



Key Highlights

  • Ethereum classic price surged higher this week and moved above the $40.00 resistance against the US dollar.
  • There is a connecting bullish trend line forming with support at $40.10 on the hourly chart of the ETC/USD pair (Data feed via SimpleFX).
  • The pair may decline a few points in the short term, but it remains supported above $38.00.

Ethereum classic price is super bullish against the US Dollar and Bitcoin. ETC/USD climbed higher recently and broke the $38.00 and $40.00 resistance levels.

Ethereum Classic Price Upside Move

There were solid gains in ETC price during the past few days from the $30.00 swing low against the US dollar. The price traded higher and moved above the $35.00 and $40.00 resistance levels. It even moved above the $41.00 resistance and traded as high as $42.36. At the moment, the price is correcting lower and is trading below the 23.6% Fib retracement level of the last wave from the $37.76 low to $42.36 high.

On the downside, there are many supports around the $40.00 level. There is also a connecting bullish trend line forming with support at $40.10 on the hourly chart of the ETC/USD pair. The trend line support near $40.00 is a significant support. Moreover, the 50% Fib retracement level of the last wave from the $37.76 low to $42.36 high is also near $40.05. Therefore, if the price continues to move down, it could find support near $40.00. Any further declines below the $40.00 level could push the price towards the $38.00 support.

Ethereum Classic Price Technical Analysis ETC USD

On the upside, an initial resistance is around the $42.00 level. Above the mentioned $42.00 level, the price may break the last high at $42.36. The next major resistance above $42.36 is near the $44.00 level.

Hourly MACD – The MACD for ETC/USD is placed heavily in the bullish zone.

Hourly RSI – The RSI for ETC/USD is currently near the overbought levels.

Major Support Level – $40.00

Major Resistance Level – $42.00

 

Charts courtesy – SimpleFX

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.



Original Source