Key Key Aspects
- The classic price of Ethereum extended declines and tested $ 10.60 before recovering against the US dollar
- C & # 39; it was a break above a trend line bearish resistance at $ 11.25 on the hourly chart of the ETC / USD pair (Data feed via Kraken).
- The pair is showing some positive signs and may continue to move higher towards $ 12.00 or $ 12.20.
The classic price of Ethereum is slowly recovering from the US Dollar and Bitcoin. ETC / USD can gain ground for a step towards the $ 12.20 level.
Classical price trend of Ethereum
Ultimately, we discussed the fact that the price of the ETC could fall towards the level of $ 10.00 against the US dollar. The ETC / USD pair has dropped recently and has broken support levels of $ 11.50 and $ 11.00. However, no support test of $ 10.00 was made and the price was trading at $ 10.67. Subsequently, the price started an upward correction and moved above the resistance of $ 11.00.
There was a break above the Fib retracement level of 23.6% of the last slide from $ 12.25 upwards to $ 10.67 below. More importantly, there was a break above a key bearish trend line with resistance at $ 11.25 on the hourly chart of the ETC / USD pair. The pair is currently trading near the resistance zone of $ 11.50 and the 100-hour moving average. It also represents the Fib 50% retracement level of the last slide from $ 12.25 up to $ 10.67 below. Once there is a break and closing above $ 11.50, the price is likely to rise towards the resistance of $ 12.00. Above this, the next major obstacle for buyers is close to the $ 12.20 rotation level.
The chart suggests that the price of ETC is slowly recovering above $ 11.00. All declines in current levels remain supported near the $ 11.05 and $ 10.80 levels.
MACD timetable – The MACD for ETC / USD is currently in the bullish zone.
RSI timetable – The RSI for ETC / USD is currently well above level 50 with a bullish angle.
Major Support Level – $ 11.00
Major Resistance Level – $ 12.00