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Key Highlights
- Ethereum classic price remained above the $15.50 support against the US Dollar and eyeing for more gains.
- The last week’s highlighted ascending channel pattern with resistance near $18.00 on the hourly chart of ETC/USD (Data feed via Kraken) is still intact.
- The price is currently above the $16.00 level and the 100 hourly simple moving average.
Ethereum classic price is in the bullish zone versus the US Dollar and Bitcoin, and ETC/USD is well supported above the $15.50 level.
Ethereum Classic Price Upside Move
The price action is positive for ETC against the US Dollar above the $15.00 and $15.50 support levels. The price remained supported and attempted a close above $16.50 and $17.00 on a couple of occasions, but failed. In the last analysis, I highlighted a major resistance zone near $16.50. It coincides with the 50% Fib retracement level of the last decline from the $19.75 high to $12.80 low. The price broke the stated level, but failed near the 61.8% Fib retracement level of the last decline from the $19.75 high to $12.80 low.
The best part is the fact that the last week’s highlighted ascending channel pattern with resistance near $18.00 on the hourly chart of ETC/USD is still intact. It is holding the uptrend above the $15.00 handle and slowly taking the price higher. The pair is currently above the $16.00 level and the 100 hourly simple moving average. The channel support is near the 38.2% Fib retracement level of the last wave from the $12.80 low to $17.63 high.
Once there is a proper daily close above $17.00, there can be a run towards $20.00. Until then, the price may continue to follow the channel above $15.540 and trade higher slowly.
Hourly MACD – The MACD is mostly placed in the bullish zone.
Hourly RSI – The RSI is currently just below the 50 level.
Major Support Level – $15.50
Major Resistance Level – $17.00
Charts courtesy – Trading View, Kraken
