- Ethereum classic price gained heavy bids and surged above the $17.00 resistance against the US dollar.
- There is a crucial bullish trend line formed with support at $16.20 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is placed nicely in an uptrend and it could accelerate gains above $17.50 in the near term.
Ethereum classic price is moving with a positive bias against the US Dollar and Bitcoin. ETC/USD is placed well above $16.20 for more gains above $17.50.
Ethereum Classic Price Support
There was a major support base formed near $14.00 in ETC price against the US dollar. The ETC/USD pair started a solid upside move and broke many resistances, including $15.00 and $16.00. There was even a break and close above the $16.50 pivot level and the 100 hourly simple moving average. The upside move was such that the price even climbed above the $17.00 level and traded as high as $17.45.
At the moment, the price is correcting lower and it may test the 23.6% Fib retracement level of the last wave from the $14.83 low to $17.45 high. More importantly, there is a crucial bullish trend line formed with support at $16.20 on the hourly chart of the ETC/USD pair. The same trend line support is near the 50% Fib retracement level of the last wave from the $14.83 low to $17.45 high. Moreover, the $16.20-50 zone was a resistance earlier and it may now provide support if the price moves down. On the upside, an initial resistance is near $17.45-50.
The chart suggests that the price is placed nicely in an uptrend above $16.20. A break above the $17.50 resistance may open the doors for more gains above $18.00.
Hourly MACD – The MACD for ETC/USD is placed in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently well into the overbought zone with a bullish bias.
Major Support Level – $16.20
Major Resistance Level – $17.50