Key Highlights
- Ethereum classic price made a minor upside move and broke the $13.50 resistance against the US Dollar.
- There was a break above a bearish trend line at $13.88 on the hourly chart of ETC/USD (Data feed via Kraken).
- However, the price failed to gain momentum after the break and moved below $13.90.
Ethereum classic price recovered a few points against the US Dollar and Bitcoin. ETC/USD needs to gain pace above $13.90-14.00 to continue higher.
Ethereum Classic Price Upside Hurdle
We saw only bearish moves this week in ETC price below $15.00 against the US Dollar. The price even traded towards the $13.00 level where somehow buyers protected further losses. A minor recovery was initiated from the $13.00 low. Later, there was a break above the 38.2% Fib retracement level of the last decline from the $14.65 high to $13.00 low. It opened the doors for more gains in the near term above $13.50.
There was even a break above a bearish trend line at $13.88 on the hourly chart of ETC/USD. The price also made an upside move above $14.00 and the 100 hourly simple moving average. However, it failed to hold gains above $14.00 and moved lower. It cleared the 100 hourly simple moving average and currently trading below $13.90. At the moment, there is a descending channel pattern forming with resistance at $13.88.
A break above the channel resistance at $13.88 and the 100 hourly simple moving average is needed for more gains. Having said that, a proper close above $14.00 would be perfect for a bullish ride. On the downside, the $13.40 level is a good support. The most important support sits at $13.00.
Hourly MACD – The MACD might move back in the bullish zone.
Hourly RSI – The RSI is currently below the 50 level and heading higher.
Major Support Level – $13.00
Major Resistance Level – $14.00
Charts courtesy – Trading View, Kraken