- Ethereum classic price continued to struggle to break the $16.00-16.50 resistance against the US Dollar.
- There is an ascending channel pattern with resistance near $16.50 forming on the hourly chart of ETC/USD (Data feed via Kraken).
- The price is currently trading near the channel support at $15.50 and recovering.
Ethereum classic price is following a bullish path versus the US Dollar and Bitcoin, and ETC/USD is now facing a major resistance near $16.50.
Ethereum Classic Price Upside Hurdle
There were a lot of swing moves towards $15.00 in ETC price against the US Dollar. Despite all selling pressures, the price was able to hold the $14.00 support area and moved higher. It is currently placed well above the $15.00 support and the 100 hourly simple moving average. The price is also placed well above the 23.6% Fib retracement level of the last decline from the $19.60 high to $12.80 low.
It is a positive sign and suggest a positive bias above $15.00. There is an ascending channel pattern with resistance near $16.50 forming on the hourly chart of ETC/USD. However, the price is facing a major hurdle near $16.50. It has struggled a lot to break $16.50 and moved down on a couple of occasions. It also coincides with the 50% Fib retracement level of the last decline from the $19.60 high to $12.80 low. The $16.50 level was support earlier and now preventing gains.
Overall, it seems like a break above $16.50 is needed for ETC to gain momentum. As long as the price is above $15.00, there is a chance of it gaining traction and moving past $16.50. Above it, the next major hurdle is near $19.50-20.00.
Hourly MACD – The MACD is slowly moving back in the bullish zone.
Hourly RSI – The RSI is currently heading higher above the 50 level.
Major Support Level – $15.00
Major Resistance Level – $16.50
Charts courtesy – Trading View, Kraken