Ethereum Classic Price Technical Analysis – Can ETC/USD Break This?

Key Highlights

• Ethereum classic price remains in a positive zone above the $33.00 support against the US dollar.
• There is a crucial declining channel forming with resistance at $35.20 on the hourly chart of the ETC/USD pair (Data feed via SimpleFX).
• The pair must break the $35.00-35.20 resistance area to gain upside momentum.

Ethereum classic price is placed nicely above supports against the US Dollar and Bitcoin. ETC/USD has to surpass the $35.00 resistance to trade further higher.

Ethereum Classic Price Upside Hurdle

There was a slow and steady decline initiated from the $38.20 swing high in ETC price against the US dollar. The price traded below the $36.00 support level and tested the $33.00 support. Later, a support base was formed and the price corrected higher above the $33.50 level. It even traded above $35.00 and formed a high at $35.88 recently.

However, the upside move was capped by the $35.80 and $36.00 resistance. At the moment, there is a crucial declining channel forming with resistance at $35.20 on the hourly chart of the ETC/USD pair. The pair declined recently and tested the 50% Fib retracement level of the last wave from the $32.93 low to $35.88 high. The downside move was limited below the $34.00 level. Moreover, the 61.8% Fib retracement level of the last wave from the $32.93 low to $35.88 high is also a decent support on the downside.

It seems like ETC needs to move above the $35.00 and $35.20 resistances to gain upside momentum. Once there is a close above $35.00 and the channel resistance, there could be an upside move towards $36.00 and $38.00. On the downside, the $34.00 level is a decent support. Below $34.00, the $33.00 level is a significant support.

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

Hourly RSI – The RSI for ETC/USD is currently just above the 50 level.

Major Support Level – $33.00

Major Resistance Level – $35.20

 

Charts courtesy – SimpleFX

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