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Ethereum Classic Price Technical Analysis

Highlights

  • Ethereum timeless rate rose higher today and moved above the $4000 resistance versus the United States dollar.
  • There is a linking bullish pattern line forming with assistance at $4010 on the per hour chart of the ETC/USD set (Data feed by means of SimpleFX).
  • The set might decrease a couple of points in the short-term, however it stays supported above $3800

Ethereum timeless rate is incredibly bullish versus the United States Dollar and Bitcoin. ETC/USD climbed up greater just recently and broke the $3800 and $4000 resistance levels.

Ethereum Classic Price Upside Move

There were strong gains in ETC rate throughout the previous couple of days from the $3000 swing low versus the United States dollar. The rate traded greater and moved above the $3500 and $4000 resistance levels. It even moved above the $4100 resistance and traded as high as $4236 At the minute, the rate is remedying lower and is trading listed below the 23.6% Fib retracement level of the last wave from the $3776 low to $4236 high.

On the disadvantage, there are lots of assistances around the $4000 level. There is likewise a linking bullish pattern line forming with assistance at $4010 on the per hour chart of the ETC/USD set. The pattern line assistance near $4000 is a substantial assistance. The 50% Fib retracement level of the last wave from the $3776 low to $4236 high is likewise near $4005 For that reason, if the rate continues to move down, it might discover assistance near $4000 Any additional decreases listed below the $4000 level might press the rate to the $3800 assistance.

 

On the advantage, a preliminary resistance is around the $4200 level. Above the discussed $4200 level, the rate might break the last high at $4236 The next significant resistance above $4236 is near the $4400 level.

Hourly MACD– The MACD for ETC/USD is put greatly in the bullish zone.

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

Major Support Level— $4000

Major Resistance Level— $4200

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Written by Ravi Gupat

Ravi grew up in India and graduated in Economics. He is a serial entrepreneur who has founded and exited several companies in tech and media over the past 15 years. He is also an early stage investor and advisor in various blockchain-based companies.

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