Key Highlights
- Ethereum classic price corrected higher nicely and moved above the $17.50 level against the US dollar.
- There was a break above a major bearish trend line with resistance at $16.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is currently correcting lower from $19.80, but it remains supported above $17.00.
Ethereum classic price is recovering against the US Dollar and Bitcoin. ETC/USD dips remain supported above the $17.00 and $17.50 support levels.
Ethereum Classic Price Support
After a major decline, ETC price found support near the $14.20 level against the US dollar. The price started an upward correction and traded above the $15.00 and $15.50 resistance levels. The correction was positive as the price even broke $16.00 resistance and settled above the 100 hourly simple moving average. During the upside, there was a break above a major bearish trend line with resistance at $16.50 on the hourly chart of the ETC/USD pair.
The pair traded as high as $19.80 and failed to break the $20.00 resistance. At the moment, the pair is correcting lower and testing the 23.6% Fib retracement level of the last wave from the $14.21 low to $19.80 high. On the downside, there are many supports near the $17.00 level. An initial support is at $17.50 and the 38.2% Fib retracement level of the last wave from the $14.21 low to $19.80 high. The most important support is around $17.00 and the 100 hourly SMA.
The mentioned $17.00 support is also the 50% Fib retracement level of the last wave from the $14.21 low to $19.80 high. Therefore, dips toward the $17.50 and $17.00 support levels remain supported. On the upside, the price has to surpass the $19.80 and $20.00 levels to trade further higher.
Hourly MACD – The MACD for ETC/USD is slowly moving lower in the bullish zone.
Hourly RSI – The RSI for ETC/USD is heading south towards the 50 level.
Major Support Level – $17.00
Major Resistance Level – $19.80
Charts courtesy – Trading View
