RATE Group | Ethereum Classic Price Analysis: ETC/USD Primed for More Gains
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Ethereum Classic Price Analysis: ETC/USD Primed for More Gains

27 Jul Ethereum Classic Price Analysis: ETC/USD Primed for More Gains

Posted at 00:13h in Ethereum News by

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Key Highlights

  • Ethereum classic price is moving higher and is currently placed above $16.00 against the US dollar.
  • There was a break above a key bearish trend line with resistance at $16.25 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair is following a contracting triangle with support near the $16.45 level.

Ethereum classic price is moving with bullish signs against the US Dollar and Bitcoin. ETC/USD is likely to extend gains above the $17.00 level in the near term.

Ethereum Classic Price Trend

There was a key support formed near the $15.80 level in ETC price against the US dollar. The ETC/USD pair started an upward move and traded above the $16.00 resistance and the 100 hourly simple moving average. There was also a break above the 23.6% Fib retracement level of the last drop from the $17.64 high to $15.72 low. It opened the doors for more gains and the price spiked above $16.50.

During the upside move, there was a break above a key bearish trend line with…

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