- Ethereum classic price is placed well above the $17.00 handle against the US Dollar.
- This week’s major contracting triangle pattern with resistance at $17.60 on the hourly chart (data feed via Kraken) of ETC/USD is about to break.
- The price is currently above the $17.00 support and the 100 simple moving average.
Ethereum classic price is reaching a break zone against the US Dollar and Bitcoin, and ETC/USD might soon surge higher above $18.00 in the near term.
Ethereum Classic Price Resistance
In the last analysis, we saw a major contracting triangle pattern with resistance at $18.00 on the hourly chart (data feed via Kraken) of ETC/USD. The same pattern is still valid, and ETC price mostly traded in a range below $18.00 against the US Dollar. Since the triangle is contracting, the resistance is now near $17.60-80. ETC is currently trading just near the triangle resistance and looking for a break above $18.00.
A successful close above $18.00 might call for a run towards the $20.00 handle in the near term. If buyers remain in control, there are even chances of a spike towards the $22.00 level. On the downside, the price is supported near the $17.00 handle and the 100 simple moving average. Furthermore, the 38.2% Fib retracement level of the last wave from the $15.80 low to $18.13 high is an initial support at $17.35.
The next major support is around the triangle lower trend line at $17.00. It also coincides with the 50% Fib retracement level of the last wave from the $15.80 low to $18.13 high. As long as there is no close below $17.00, there are chances of further gains above $18.00 in the near term.
Hourly MACD – The MACD is mostly flat and pointing a consolidation.
Hourly RSI – The RSI is currently above the 50 level.
Major Support Level – $17.00
Major Resistance Level – $18.00
Charts courtesy – Trading View, Kraken