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Key Highlights
- Ethereum classic price surged higher this week and traded above $14.00 against the US dollar.
- There is a crucial bullish trend line formed with support at $13.55 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is currently testing a major support area near $15.50 and it could bounce back.
Ethereum classic price climbed higher recently against the US Dollar and Bitcoin. ETC/USD is currently correcting lower, but dips remain supported above $13.50.
Ethereum Classic Price Support
During the past few sessions, there was a solid rise in ETC price from the $12.40 low against the US dollar. The ETC/USD pair surged higher and broke the $13.00 and $13.80 resistance levels. There was even a break above the $14.00 level and the price traded as high as $14.53. Later, the price started a downside correction and traded below the $14.00 level.
There was also a break below the 50% Fib retracement level of the last leg from the $13.01 low to $14.53 high. However, declines were well protected near the $13.50 level, which acted as a support earlier as well. Additionally, the 61.8% Fib retracement level of the last leg from the $13.01 low to $14.53 high stopped declines. More importantly, there is a crucial bullish trend line formed with support at $13.55 on the hourly chart of the ETC/USD pair. The pair is currently consolidating above the $13.50 support. As long as the price is above the trend line and the $13.50 support, it could resume its upside move.
The chart suggests that ETC price is placed nicely in an uptrend from the $12.40 low. If the $13.50 support holds, it could bounce back above the $14.00 level in the near term. If not, there is a risk of an extended correction towards the $13.20 level.
Hourly MACD – The MACD for ETC/USD is currently in the bearish zone.
Hourly RSI – The RSI for ETC/USD is currently below the 50 level.
Major Support Level – $13.50
Major Resistance Level – $14.20
