To gain upside momentum, ETC/USD must break the $37.00 resistance level


  • Ethereum Classic price trading above the 100-SMA.
  • Currently, the bounce in price at $36.00 continues to strengthen the ascending channel.
  • Further declines below the support level could see the price trade in the range between $34.00 and $33.00.

Ethereum Classic price is in a general uptrend on Tuesday and is trading at $36.26. It has been correcting lower during the today’s trading session. The currency opened trading at $35.00 and was in an upward momentum which saw it trade at a high of $37.00. The price could not, however, maintain and it began on a downward trend towards the immediate support level at $35.00.

Ethereum Classic is trading above the short-term 100-SMA as seen on the daily price chart. This means that the price will continue to rise in the short-term. The price is also trading above the 200-SMA, which meet the 100-SMA at $16.00 seen on the chart indicating that in the long-term Ethereum Classic price could consolidate above $16.00.

Currently, there is a bounce in the price at $36.00 strengthening the ascending channel. The price has formed a resistance at $37.00 on the daily chart and is testing the 50% Fib retracement level with the last low at $32.93 and a high of $35.88. The growing support at $35.00 limits the downward movement. Similarly, the 61.8% Fibonacci retracement level of the last low at $32.93 and a high of $35.88 is seen as decent support for the currency on the downside.

Technical analysis

Ethereum Classis has to maintain the bounce in price from the immediate support level at $35.00 and break past the resistance level at $37.00 for it to keep the upward momentum. As the price closes around $37.00 and the resistance channel, the gains could see the price move above $38.00. The downside shows that $35.00 is indeed a decent support level. Further declines in price below the support level could the price trade between the $34.00 and the $33.00 levels. Both of which acted as support levels in the past.

ETC/USD price daily chart



Source link