THELOGICALINDIAN - Ethereum archetypal amount is boring convalescent adjoin the US Dollar and Bitcoin ETCUSD may accretion absorption for a move appear the 1220 level
Ethereum Classic Price Trend
In the aftermost analysis, we discussed that ETC amount could decline appear the $10.00 akin adjoin the US dollar. The ETC/USD brace did move bottomward afresh and bankrupt the $11.50 and $11.00 abutment levels. However, there was no analysis of the $10.00 abutment and the amount traded as low as $10.67. Later, the amount started an upside alteration and confused aloft the $11.00 resistance.
There was a breach aloft the 23.6% Fib retracement akin of the aftermost accelerate from the $12.25 aerial to $10.67 low. More importantly, there was a breach aloft a key bearish trend band with attrition at $11.25 on the alternate blueprint of the ETC/USD pair. The brace is currently trading abreast the $11.50 resistance zone and the 100 alternate simple affective average. It additionally represents the 50% Fib retracement akin of the aftermost accelerate from the $12.25 aerial to $10.67 low. Once there is a breach and abutting aloft $11.50, the amount is acceptable to ascend appear the $12.00 resistance. Aloft this, the abutting above hurdle for buyers is abreast the $12.20 axis level.
The chart suggests that ETC amount is boring convalescent aloft $11.00. Any dips from the accepted levels abide accurate abreast the $11.05 and $10.80 levels.
Hourly MACD – The MACD for ETC/USD is currently in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently able-bodied aloft the 50 akin with a bullish angle.
Major Support Level – $11.00
Major Resistance Level – $12.00
