Ethereum Classic ETC Trades Bullish As It Approaches A Significant Break

Ethereum Classic is trading in the bullish territory after finding support above the $16.50 level against the USD. The price action has formed a contracting triangle with resistance around $17.25 on the hourly chart. If the bullish bias continues, the cryptocurrency will most likely break the resistances at $17.20 and $17.30 trading higher in the bullish territory. The price of ETC is targeting more gains against the USD and against Bitcoin. The Ethereum Classic to USD trading pair has moved past the $17.30 level and it is going to gather momentum to gain more short-term.

Ethereum Classic Price Analysis For July 31

The ETC to USD trading pair has been bullish for some days now ever since it moved above the $16.00 level. The pair settled above $16.50 as support and this is a good thing. According to the price analysis of Aayush Jindal, Ethereum Classic failed to break the resistance at $17.30 and $17.40. It dipped into the $16.60 level after which it climbed back towards $17.55 before the sellers showed up.

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Ethereum Classic (ETC) Price Today – ETC / USD

Name Price24H (%)
Bitcoin (BTC)
$6,693.35
-0.26%
Ethereum Classic (ETC)
$11.49
0.43%

The sellers pushed the price of Ethereum Classic below the 50% Fibonacci retracement level of the last rise from $16.60 to $17.25 finding support around $16.80. There is a critical contracting triangle that formed with resistance around $17.25 on the price chart. The Ethereum Classic to USD pair must clear this resistance and the resistance at $17.30 if it is to gain upside momentum.

If it is able to break above this level, it will surge towards and even above $18.00. If, on the other hand, the price moves downward instead, it will most likely test the triangle support at $16.60. The price charts suggest that Ethereum Classic is forming a breakout pattern with support at $16.60 and resistance at $17.30. If it closes below $16.60, it will fall toward $16.00. However, if it keeps rising, it will rise above the $17.30 level and even higher. The relative strength index is near 50 and the MACD on the hourly chart is entering the bearish territory. The significant resistance is at $17.30 while the significant support is at $16.60.


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