The price of Ethereum Classic (ETC) has been declining against the USD. This morning, it went as low as $10.60 before it started attempting a recovery against the USD. The cryptocurrency broke above a significant bearish trendline that had resistance at $11.25 on the Ethereum Classic to USD price chart. After that, the trading pair started recovering with hopes of crossing the $12.00 and $11.20 levels.
Ethereum Classic (ETC) Against The USD
Ethereum Classic is trading positively against the USD today. If it continues to trade this way, it may gain traction to move towards $12.20.this is according to the price analysis of Aayush Jindal on Newsbtc. Some days ago, the trend was weak in favor of the bears and analysts believed it will fall below the $10.00 level. While it broke the support levels at $11.00 and $11.50, the $10 remained strong preventing more declines. The price didn’t even test $10.00 as it resumed an upside correction right after it hit $10.67. This correction led to an upward move above $11.00 once again.
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The price of Ethereum Classic (ETC) broke above the 23.6% Fibonacci retracement level of the last wave from $12.25 to $10.67. It also broke a significant bearish trendline that had resistance at $11.25. This morning, the Ethereum Classic to USD trading pair was trading near the $11.50 resistance which is also near the 100 hourly SMA. This is also the same area as the 50% Fibonacci retracement level of the last slide from $12.25 to $10.67 which is at $10.67.
As soon as the price breaks and closes above the $11.50 level, an upside correction will resume and the resistance at $12.00 will be broken. After this resistance, the next resistance is expected to be at $12.20. At the time of writing, Ethereum Classic was trading at $11.44. This indicates a 1.96% rise against the USD and a 1.46% rise against Bitcoin. The trading volume over a 24-hour period is $172,915,036 and the market capitalization is $1,194,788,009. The relative strength index is above 50 and the MACD on the hourly chart is in the bullish zone. The significant resistance is at $12.00 while the significant support is at $11.00.
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