Key Highlights
- Ethereum classic price is slowly moving higher and is currently trading above $15.60 against the US Dollar.
- There is a new bullish trend line forming with support at $15.65 on the hourly chart of ETC/USD (Data feed via Kraken).
- As long as the price is above $15.00, it might attempt an upside break above $16.60.
Ethereum classic price is stable and avoiding losses against the US Dollar and Bitcoin. ETC/USD needs to pierce the $16.60 level to gain further towards $18.00.
Ethereum Classic Price Trend
There were no major gains in ETC price as it remained below the $16.60 resistance against the US Dollar. The price is gaining pace and currently trading above the $15.60 support zone. It recently tested the $16.50 level where it faced sellers and corrected lower. It traded below the 50% Fib retracement level of the last wave from the $15.00 low to $16.50 high.
However, the downside move was prevented by the $15.50 support along with the 100 hourly simple moving average. Moreover, the 61.8% Fib retracement level of the last wave from the $15.00 low to $16.50 high also helped in protected declines. Currently, there is a new bullish trend line forming with support at $15.65 on the hourly chart of ETC/USD. The trend line is positioned with the 100 hourly simple moving average at $15.70.
Therefore, as long as the price is above the $15.60-70 support and the 100 hourly simple moving average, it may trade higher. On the upside, it has to clear the $16.60 resistance zone. Only a proper close above $16.60 could take the price towards $17.00 or even $18.00. Buying dips in the short term with a stop pf $15.00 can be considered.
Hourly MACD – The MACD is almost flat, showing no signs of an upside break.
Hourly RSI – The RSI is currently above the 50 level.
Major Support Level – $15.60
Major Resistance Level – $16.60
Charts courtesy – Trading View, Kraken