Key Highlights
- Ethereum classic price recovered recently and tested the $5.00 resistance against the US dollar.
- There was a break above a crucial bearish trend line with resistance at $4.45 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is currently correcting lower, but it could bounce back and clear the $5.00 barrier.
Ethereum classic price is slowly moving higher against the US Dollar and Bitcoin. ETC/USD must settle above $5.00 to stage a decent recovery in the coming days.
Ethereum Classic Price Analysis
After a massive drop, ETC price found support near the $4.00 area against the US dollar. The ETC/USD pair formed a solid base above the $4.00 level and later started a recovery. It moved higher and broke the $4.40 and $4.60 resistance levels. During the rise, there was a close above the $4.60 resistance and the 100 hourly simple moving average.
Moreover, there was a break above a crucial bearish trend line with resistance at $4.45 on the hourly chart of the ETC/USD pair. The pair tested the $5.00 resistance and formed a high at $5.07. Later, it started a downside correction and traded below $5.00 and $4.90. The price even broke the 23.6% Fib retracement level of the recent wave from the $4.09 low to $5.07 high. On the downside, there are a few key supports near the $4.60 and $4.50 levels. The 50% Fib retracement level of the recent wave from the $4.09 low to $5.07 high is also near $4.58. Finally, the 100 hourly SMA is positioned near the $4.50 level. Therefore, dips from the current levels will most likely find support near $4.60, $4.60 or $4.40.
The chart suggests that ETC price seems to be following a bullish path above $4.50. A successful daily close above $5.00 could open the doors for more gains.
Hourly MACD – The MACD for ETC/USD is currently in the bearish zone.
Hourly RSI – The RSI for ETC/USD is still above the 50 level.
Major Support Level – $4.50
Major Resistance Level – $5.00
