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Key points
- The classic price of Ethereum has recently been recovered and tested the resistance of $ 5.00 against the US dollar.
- There was a break above a fundamental bearish trend line with resistance to $ 4.45 on the hourly chart of the ETC / USD pair (data feed via Kraken).
- The pair is currently correcting lower, but may rebound and clear the $ 5.00 barrier.
The classic price of Ethereum is slowly approaching the US dollar and Bitcoin. ETC / USD must settle over $ 5.00 to organize a decent recovery in the coming days.
Analysis of the classic prices of Ethereum
After a sharp decline, ETC's price found support close to the $ 4.00 area versus the US dollar. The ETC / USD pair formed a solid base above the $ 4.00 level and then started a recovery. He moved higher and broke resistance levels of $ 4.40 and $ 4.60. During the upswing, there was a closing above the resistance of $ 4.60 and the simple moving average at 100 hours.
Furthermore, there was a break above a crucial bearish trend line with resistance to $ 4.45 on the hourly chart of the ETC / USD pair. The pair tested the resistance of $ 5.00 and reached a maximum of $ 5.07. Subsequently, he began a downward correction and traded below $ 5.00 and $ 4.90. The price even surpassed the Fib retracement level of 23.6% in the recent wave, from $ 4.09 down to $ 5.07 up. On the downside, there are some key supports near the levels of $ 4.60 and $ 4.50. Even the 50% retracement level of recent wave fiber from the low of $ 4.09 to $ 5.07 is close to $ 4.58. Finally, the 100-hour SMA is positioned near the $ 4.50 level. Therefore, dives from current levels will most likely find support near $ 4.60, $ 4.60 or $ 4.40.
The chart suggests that the price of the ETC seems to follow a bullish path of more than $ 4.50. A successful daily close above $ 5.00 could open the door to further gains.
MACD timetable – The MACD for ETC / USD is currently in the bearish zone.
RSI schedule – The RSI for ETC / USD is still above level 50.
Main support level: $ 4.50
Main resistance level: $ 5.00
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