Ethereum Classic Price Analysis – ETC/USD Remains Supported

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