- Ethereum classic price is slowly moving higher and is currently trading above $16.00 against the US Dollar.
- There was a break above a major bearish trend line with resistance at $16.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might continue to move higher if there is a clear break of the $17.50 resistance.
Ethereum classic price is gaining momentum against the US Dollar and Bitcoin. ETC/USD has to move above $17.50 to accelerate gains in the near term.
Ethereum Classic Price Uptrend
We saw a decent correction in ETC price after an upside ride toward $21.50 against the US Dollar. The price corrected towards the $15.00 support before finding buyers and starting a new uptrend. There was a decent rise from the $15.00 and the price is now placed above the $16.00 level. It has moved above the 23.6% Fib retracement level of the last decline from the $19.20 high to $15.52 low.
Moreover, there was a break above a major bearish trend line with resistance at $16.50 on the hourly chart of the ETC/USD pair. The pair is currently trading above the $16.50 level and the 100 hourly simple moving average. However, the 38.2% Fib retracement level of the last decline from the $19.20 high to $15.52 low is currently acting as a resistance. It has to gain pace above $17.50 and the 50% Fib retracement level of the last decline from the $19.20 high to $15.52 low to trade toward $19.00 or even $20.00.
On the downside, the broken resistance near $16.50 is a support zone along with the 100 hourly SMA. As long as the price is above the same, it could gain pace and move above $17.50.
Hourly MACD – The MACD for ETC/USD is slightly in the bullish zone.
Hourly RSI – The RSI for ETC/USD is placed well above the 50 level.
Major Support Level – $16.50
Major Resistance Level – $17.50
Charts courtesy – Trading View, Kraken
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.