- Ethereum classic price after a decline towards $15.80 against the US Dollar found support.
- There is a crucial contracting triangle pattern with resistance at $17.50 forming on the hourly chart (data feed via Kraken) of ETC/USD.
- A break and close above $17.50 might trigger further gains in the near term.
Ethereum classic price managed to find bids against the US Dollar and Bitcoin, and ETC/USD is now eyeing a break above $17.50 for further gains.
Ethereum Classic Price Resistance
There were a few swing moves in ETC price towards $16.00 against the US Dollar. Later, the price formed a base at $15.80 and started an upside move. It managed to crawl above the 23.6% Fib retracement level of the last drop from the $19.10 high to $15.85 low. It looks like the price is preparing for the next move above $18.00 in the near term.
At present, the price is struggling to break the 50% Fib retracement level of the last drop from the $19.10 high to $15.85 low at $17.50. The mentioned level also coincides with the 100 hourly simple moving average. Furthermore, there is a crucial contracting triangle pattern with resistance at $17.50 forming on the hourly chart of ETC/USD. Once there is a break and close above the $17.50 resistance and the 100 hourly simple moving average, there can be more gains.
The next resistance on the upside is near the 76.4% Fib retracement level of the last drop from the $19.10 high to $15.85 low at $18.40. On the downside, the triangle support at $16.10-16.20 can be considered as a buy zone. Buying dips can be considered as long as the price is above $15.80.
Hourly MACD – The MACD is mostly flat and suggesting a consolidation phase.
Hourly RSI – The RSI is heading lower, but well above the 50 level.
Major Support Level – $16.20
Major Resistance Level – $17.50
Charts courtesy – Trading View, Kraken