Ethereum Classic (ETC) Gets An Upward Spike Toward Significant Resistance

Ethereum Classic has started the new week well with an upward trend as it may visit the all important $12 level soon. The past few weeks were rough for Ethereum Classic as they were for virtually every other cryptocurrency. The good news is that this week promises to be different. The price of Ethereum Classic started consolidating above the support at $10.80 this morning forming a significant bearish trend line that had resistance at $11.35 on the one hour chart of Ethereum Classic to USD. If the price continues to trade positively, it will most likely break the support at $11.80 and then $12.00 short-term.

Ethereum Classic (ETC) Price Today – ETC / USD

Name Price24H (%)
Bitcoin (BTC)
$3,364.05
-2.24%
Ethereum Classic (ETC)
$3.72
-3.40%

The upward movement in price started after Ethereum Classic moved as low as $10.40 against the USD. The trading pair moved as high as $10.80 breaking this resistance but settling around $10.78. After some time, the price of Ethereum Classic crossed the resistances at $11.00 and $11.20 but it could not clear the resistance at $11.55 as it started declining towards $11.00 once again. When it got to $11.00, the buyers showed up and pushed the price above the 50% Fibonacci retracement level of the last fall from $11.57 to $10.96.

The price is facing a significant bearish trend line that formed resistance at $11.35. The buyers will need to clear this resistance to continue the move upward. This is according to the price analysis of Aayush Jindal on NewsBtc. If Ethereum Classic can break this resistance, the next resistance will be at $11.57. Breaking the $11.57 resistance is all it takes to get to $11.80 and $12.00 eventually.

Ethereum Classic (ETC) Price Now

At the time of writing, Ethereum Classic was trading at $11.23. This indicates a 0.39% fall against the USD but a 0.11% rise against Bitcoin. The 24 hour trading volume is $168,934,290 while the total market capitalization now is $1,179,255,122. The next few trading sessions will determine if the price action will change or not.

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