Key Highlights
- Ethereum classic price registered good gains and moved above the $14.00 resistance against the US Dollar.
- There was a break above a short-term bearish trend line with resistance near $13.80 on the hourly chart of ETC/USD (Data feed via Kraken).
- The price is now well above $14.00 and the 100 hourly simple moving average, which is a positive sign.
Ethereum classic price traded higher recently versus the US Dollar and Bitcoin. ETC/USD is now above $14.00 and looking for more gains.
Ethereum Classic Price Support
It seems like ETC price formed a support base near $13.20 against the US Dollar. The price after forming the mentioned support base moved above a major resistance area of $14.00. There was a clear break above the 23.6% Fib retracement level of the last decline from the $16.45 high to $13.25 low. It has opened the doors for more gains since the price is now above $14.00 and the 100 hourly simple moving average.
During the upside move, there was also a break above a short-term bearish trend line with resistance near $13.80 on the hourly chart of ETC/USD. These all are positive signs and suggests more gains for ETC towards $15.00. The recent high was $14.89. The price already corrected towards the 38.2% Fib retracement level of the last wave from the $13.38 low to $14.89 high.
So, there are chances of it gaining momentum soon above the recent high of $14.89. The next major hurdle for buyers is near $15.80. On the downside, the 50% Fib retracement level of the last wave from the $13.38 low to $14.89 high at $14.20 is a major support. Below $14.20, the $14.00 handle and the 100 hourly simple moving average are next crucial supports.
Hourly MACD – The MACD is now moving in the bullish zone.
Hourly RSI – The RSI is currently well above the 50 level.
Major Support Level – $14.00
Major Resistance Level – $15.00
Charts courtesy – Trading View, Kraken