Can ETC/USD Gain Further?

Can ETC/USD Gain Further?

Ethereum classic price recovered slightly after trading as low as $25.47 against the US dollar.

There was a break above a crucial bearish trend line with resistance at $27.40 on the hourly chart of the ETC/USD pair (Data feed via Kraken).

The pair is struggling to gain momentum above the $28.00-28.20 and is currently correcting lower.

Ethereum classic price is slowly recovering against the US Dollar and Bitcoin. ETC/USD needs to break the $28.00-28.20 resistance for further gains in the near term.

Recently, we saw a decline in ETC price below the $26.00 level against the US dollar. The price traded as low as $25.47 before it started an upside recovery. There was a break above the 23.6% Fib retracement level of the last decline from the $30.08 high to $25.47 low. The upside move was positive since the price was able to move above the $26.00 level.

There was even a break above a crucial bearish trend line with resistance at $27.40 on the hourly chart of the ETC/USD pair. The pair traded above the 50% Fib retracement level of the last decline from the $30.08 high to $25.47 low. Moreover, there was a break above the $28.00 level, but the pair was not able to gain momentum. The upside move was capped by the 61.8% Fib retracement level of the last decline from the $30.08 high to $25.47 low. It seems like the $28.00-28.20 level is acting as a strong barrier for buyers.

Once there a break above $28.20, the pair could accelerate above $30.00. On the downside, an initial support is around the $27.20 level. However, the most important supports sits around the $25.00 level.

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