Ethereum Classic Price Analysis: ETC/USD Remains in Uptrend

Ethereum Classic Price Analysis ETC

Ethereum Classic price traded above the $23.00 resistance against the US Dollar. ETC/USD remains in an uptrend and it could gain further above $26.00.

Key Talking Points

  • Ethereum Classic price gained momentum recently and broke the $23.00 resistance (Data feed of Binance) against the US Dollar.
  • There is a rising channel forming with support at $23.00 on the 2-hours chart of the ETC/USD pair.
  • The pair remains well supported on the downside near the $23.00 and $22.00 levels.

Litecoin Price Forecast

There was a decent start of an upside wave from the $20.00 swing low in Ethereum Classic price against the US dollar. The ETC/USD pair traded higher and broke many resistances on the way up such as $21.00 and $23.00.

Looking at the chart, the price is placed nicely above the $22.00 support and the 100 simple moving average (2-hours). The upside move was strong and the price even pierced the $25.00 level.

Ethereum Classic Price Analysis ETC

A high was formed at $25.80 before the price formed a short-term top and started a downside correction. It declined and moved below the 23.6% Fib retracement level of the last wave from the $21.63 low to $25.80 high.

At the moment, the price is testing a key support near the $23.80 level. The stated support is the 50% Fib retracement level of the last wave from the $21.63 low to $25.80 high. Moreover, there is also a rising channel forming with support at $23.00 on the 2-hours chart of the ETC/USD pair.

The channel support is close to the 61.8% Fib retracement level of the last wave from the $21.63 low to $25.80 high. Therefore, any dips towards the $23.00 support level is likely to find support on the downside.

On the upside, the $25.00 level is a key resistance. A break above the $25.00 level could open the doors for more gains in Ethereum Classic price above the last high at $25.80. The next resistance is at $26.50, followed by $27.00.

Trade safe traders and do not overtrade!

*The market data is provided by TradingView.