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Key Highlights
- Ethereum classic price made a nice upside move and traded above $15.00 against the US Dollar.
- There is a major connecting bullish trend line with support at $14.90 forming on the hourly chart of ETC/USD (Data feed via Kraken).
- The price is currently correcting lower but likely to find support near $15.00 and the 100 hourly simple moving average.
Ethereum classic price gained bullish traction against the US Dollar and Bitcoin. ETC/USD is now above $15.00 and trading with a positive bias.
Ethereum Classic Price Support
In the last analysis, we saw a key ascending channel pattern with support at $14.00 for ETC price against the US Dollar. The price held the support area and managed to move above a crucial resistance zone at $15.00. It opened the doors for more gains and the price was able to move above the $16.00 level. ETC traded as high as $16.72 from where a minor correction is initiated. It has moved below the 38.2% Fib retracement level of the last wave from the $13.60 low to $16.72 high.
However, the price is approaching a major support above $15.00. The $15.00-15.10 area acted as a resistance earlier and now preventing downsides. There is a major connecting bullish trend line with support at $14.90 forming on the hourly chart of ETC/USD. Moreover, the 50% Fib retracement level of the last wave from the $13.60 low to $16.72 high is at $15.17. All these support zones are crucial for ETC and could push the price back above $16.00.
Lastly, the price is also above $14.80 pivot and the 100 hourly simple moving average. Therefore, buying dips towards $15.00 might be considered in the short term with a stop below $14.80.
Hourly MACD – The MACD is about to move back in the bullish zone.
Hourly RSI – The RSI is moving higher towards the 50 level.
Major Support Level – $15.00
Major Resistance Level – $16.00
Charts courtesy – Trading View, Kraken
