Key Highlights
- Ethereum classic price is surging higher and is currently placed nicely above $17.00 against the US dollar.
- There was a break above a major connecting resistance trend line at $17.40 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is in a solid uptrend and it could continue to move higher towards $20.
Ethereum classic price is poised to extend gains against the US Dollar and Bitcoin. ETC/USD is likely to move past $18.00 for a test of the $20.00 handle.
Ethereum Classic Price Trend
There was a bullish bias formed above the $15.00 level in ETC price against the US dollar. The ETC/USD pair formed a solid support base at $15.00 and started a key upside move. It traded higher and cleared a few important hurdles such as $16.00 and $16.50. More importantly, there was a close above the $16.50 level and the 100 hourly simple moving average, which cleared the path for more gains.
As a result, the price moved above the $17.00 resistance area. Later, there was break above a major connecting resistance trend line at $17.40 on the hourly chart of the ETC/USD pair. The pair traded further higher towards the $18.00 level. A high was formed at $17.97 before the price started a downside correction. It seems like the price may tested the 23.6% Fib retracement level of the last upside wave from the $15.03 low to $17.97 high. The $17.40 support is also close to the broken trend line. Therefore, the $17.40-50 area could act as a strong buy zone.
The chart indicates the current bullish trend above $16.50. As long as the price is above $16.50 and 100 SMA, it could trade to a new monthly high above $18.00. The next major barrier for buyers is close to $20.00.
Hourly MACD – The MACD for ETC/USD is slowly reducing its bullish slope.
Hourly RSI – The RSI for ETC/USD is moving south towards the 50 level.
Major Support Level – $17.00
Major Resistance Level – $18.00
