RATE Group | Ethereum Classic Price Analysis: ETC/USD Eyeing Break above $17.40
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Ethereum Classic Price Analysis: ETC/USD Eyeing Break above $17.40

01 Aug Ethereum Classic Price Analysis: ETC/USD Eyeing Break above $17.40

Posted at 05:20h in Ethereum News by

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Key Highlights

  • Ethereum classic price is trading in a bullish zone above the $16.50 support against the US dollar.
  • There is a crucial contracting triangle forming with resistance near $17.25 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair may perhaps break the $17.20 and $17.30 resistance levels to trade further higher.

Ethereum classic price is eyeing more gains against the US Dollar and Bitcoin. ETC/USD has to surpass the $17.30 level to accelerate gains in the near term.

Ethereum Classic Price Resistance

During the past few days, there were bullish moves above $16.00 in ETC price against the US dollar. The ETC/USD pair settled above the $16.50 support area, which is a positive sign. However, the price failed on a couple of occasions to break the $17.30-40 resistance zone. It recently dipped to $16.60 and climbed back towards the $17.25-30 zone, where it faced sellers.

It declined and broke the 50% Fib retracement level of the last wave from the $16.60 low to…

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