RATE Group | Ethereum Classic Price Analysis: ETC/USD Surging, Dips Remain Supported
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Ethereum Classic Price Analysis: ETC/USD Surging, Dips Remain Supported

07 Aug Ethereum Classic Price Analysis: ETC/USD Surging, Dips Remain Supported

Posted at 11:58h in Ethereum News by

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Key Highlights

  • Ethereum classic price rocketed higher and broke the $16.00 and $18.00 resistances against the US dollar.
  • There is a major bullish trend line formed with support at $18.20 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair may correct a few points, but dips remain supported near the $18.40 and $18.20 levels.

Ethereum classic price surged higher against the US Dollar and Bitcoin. ETC/USD is placed in a bullish zone above the $18.00 pivot level.

Ethereum Classic Price Trend

There was a strong support base formed near $14.50 level in ETC price against the US dollar. The ETC/USD pair gained bullish momentum above $15.00 after the Coinbase listing. The price jumped higher and broke many resistances like $16.00, $17.00 and $18.00. There was also a break above the $20.00 handle and a high was formed at $21.02.

Later, the price corrected lower and traded below the $20.00 level. There was a break below the 23.6% Fib retracement level of the last wave from the…

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