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Key Highlights
- Ethereum classic price is moving higher and is currently placed above $16.00 against the US dollar.
- There was a break above a key bearish trend line with resistance at $16.25 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is following a contracting triangle with support near the $16.45 level.
Ethereum classic price is moving with bullish signs against the US Dollar and Bitcoin. ETC/USD is likely to extend gains above the $17.00 level in the near term.
Ethereum Classic Price Trend
There was a key support formed near the $15.80 level in ETC price against the US dollar. The ETC/USD pair started an upward move and traded above the $16.00 resistance and the 100 hourly simple moving average. There was also a break above the 23.6% Fib retracement level of the last drop from the $17.64 high to $15.72 low. It opened the doors for more gains and the price spiked above $16.50.
During the upside move, there was a break above a key bearish trend line with resistance at $16.25 on the hourly chart of the ETC/USD pair. However, the upside move was capped by the $16.90-17.00 zone. Moreover, the 61.8% Fib retracement level of the last drop from the $17.64 high to $15.72 low also acted as a resistance. The price declined a few points, but the $16.00 level and the 100 hourly SMA acted as a support. At the moment, the price is following a contracting triangle with support near the $16.45 level on the same chart.
The chart suggests that the price remains well supported above $16.00. On the upside, a break above the $17.00 resistance is required for a bullish extension. The next resistances on the upside are at $17.80 and $18.00.
Hourly MACD – The MACD for ETC/USD is slightly placed in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently flat above the 50 level.
Major Support Level – $16.00
Major Resistance Level – $17.00
