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Key Highlights
- Ethereum classic price corrected lower after trading as high as $18.37 against the US dollar.
- There is a significant bullish trend line in place with support at $17.10 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is currently holding the trend line support at $17.10 and the 100 hourly simple moving average.
Ethereum classic price is placed in a nice uptrend against the US Dollar and Bitcoin. ETC/USD is holding an important support above $17.00, which is a positive sign.
Ethereum Classic Price Support
There were sharp gains in ETC price above the $17.50 resistance against the US dollar. The ETC/USD pair broke the $18.00 resistance and traded close to the $18.40 resistance. A high was formed at $18.37 before the price started a downside correction. It declined and broke the $18.00 and $17.50 support levels. However, the downside move found support near a key region at $17.10 and the 100 hourly simple moving average.
More importantly, there is a significant bullish trend line in place with support at $17.10 on the hourly chart of the ETC/USD pair. It seems like the trend line, support above $17.00 and the 100 hourly SMA are important for the current wave. The price bounced back sharply and moved above the $17.40 level. It also broke the 23.6% Fib retracement level of the last decline from the $18.37 high to $17.07 low. The pair is likely to accelerate gains above the $17.50 level. The next resistance is near the 50% Fib retracement level of the last decline from the $18.37 high to $17.07 low at $17.72. Above this, the price could break the $18.00 resistance.
The chart suggests that the price remains in an uptrend above $17.00. Any dips are likely to find buyers near the $17.10 level and the 100 hourly SMA.
Hourly MACD – The MACD for ETC/USD is about to move back in the bullish zone.
Hourly RSI – The RSI for ETC/USD just moved above the 50 level.
Major Support Level – $17.10
Major Resistance Level – $17.72
