ETC/ETH Technical Analysis: Ethereum Classic breaks higher

Ethereum Classic vs Ethereum: Classic is making a comeback today
An important price level has been broken 0.037673 looks to be next
Decent volume as 111k contracts exchanged in the last 48 hours

Rajan Dhall, MSTA FX Daily

After a mammouth, 62% fall between September 2018 and July 2019 ETC/ETH looks to have found some serious support and broken a key trendline.

Buyers have now taken Ethereum Classic through the 0.0300 resistance level to reach as high as 0.0330 today.

Marked on the chart by the circles shows the first higher low higher high wave pattern in a while. This price action all followed the hammer candle which formed 11th July at 0.0240.

Both indicators are showing bullish signals too as the Stochastic bounced off the 50 mid-point to cross higher again and the MACD histogram and moving average diverge again.

Next on the upside if the bullish momentum continues is the 0.0380 resistance level. Historically this level has been used to great effect on many occasions and needs to be looked at in the future.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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