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Opinion — Blockchain — Cryptocurrency

Ethereum Classic Price Analysis: ETC/USD gaining traction, 28 August.

,   and  Coinnounce Team
Ethereum classic price is remedying lower. ETC/USD must hold the $12.75 support to continue its upside move in the close term
Ethereum classic price is remedying lower. ETC/USD must hold the $12.75 support to continue its upside move in the close term.

Ethereum Classic Price Key Features

  • Ethereum classic price shaped a support base close $12.00 and moved higher against the US dollar.
  • There was a break over a contracting triangle with resistance at $12.58 on the hourly diagram of the ETC/USD combine (Information feed by means of Kraken).
  • The match has moved into a bullish zone and it could keep on moving higher towards $13.00 and $13.50.

Ethereum classic price is picking up footing against the US Dollar and Bitcoin. ETC/USD is set pleasantly above $12.50 for more pick up in the close term.

Ethereum Classic Price Support

In the wake of trading as low as $11.88, Ethereum classic price began an upside move against the US dollar. The ETC/USD match exchanged over the $12.00 and $12.20 resistance levels. Ethereum classic price additionally exchanged over the 23.6% Lie retracement level of the last slide from the $13.47 high to $11.88 low. In any case, the upside move was topped by the $12.70 level and ethereum classic price dropped back towards the $12.00-12.20 support.

Afterwards, ethereum classic price framed a support base close $12.00 and moved higher. It settled over the $12.50 resistance and the 100 hourly basic moving normal. In addition, there was a break over a contracting triangle with resistance at $12.58 on the hourly outline of the ETC/USD match. The match is presently trading close to the half Lie retracement level of the last slide from the $13.47 high to $11.88 low. Once there is a legitimate close over the $12.75 and $12.80 levels, ETC price is probably going to quicken over the $13.00 level. On the off chance that ETC purchasers pick up control, ETC price may well break the $13.10 resistance and return to the $13.40 zone.

ETCUSD Price Chart 28 August
ETCUSD Price Chart 28 August

The graph proposes that Ethereum classic price could plunge a couple of focuses, however, the broken triangle close $12.60 is probably going to hold decays. Underneath this, the following real support is close $12.50 and the 100 hourly SMA.

Hourly MACD – The MACD for ETC/USD is put pleasantly in the bullish zone.

Hourly RSI – The RSI for ETC/USD is currently well over the 50 level.

Significant Support Level – $12.50

Significant Resistance Level – $13.00

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