Key Highlights
- Ethereum classic price is back in the bullish zone and trading above $15.50 against the US Dollar.
- The last week’s highlighted a major connecting bullish trend line with support at $15.50 on the hourly chart of ETC/USD (Data feed via Kraken) is still active.
- The price is trading nicely above the $15.00 handle and likely to continue higher.
Ethereum classic price is gaining pace against the US Dollar and Bitcoin. ETC/USD has to clear $16.60-80 for further gains in the near term.
Ethereum Classic Price Resistance
It seems like ETC price is slowly moving higher and placed well above the $15.00 handle against the US Dollar. The price recently managed an hourly close above the $15.00 handle, which cleared the path for more gains. It traded towards the $16.50-80 levels, which is another important barrier. After trading as high as $16.48, the price started a minor correction. It traded below the 23.6% Fib retracement level of the last wave from the $15.05 low to $16.48 high.
On the downside, there are many support levels like $15.60 and $15.50. Moreover, this past week’s highlighted a major connecting bullish trend line with support at $15.50 on the hourly chart of ETC/USD is still intact. The $15.50 support is important since the 100 hourly simple moving average is positioned below it. An initial support is around the 50% Fib retracement level of the last wave from the $15.05 low to $16.48 high.
However, the most important buy zone is near $15.50 and the trend line. As long as the price is above the $15.00 handle, it remains in an uptrend for more gains towards the $17.00 handle.
Hourly MACD – The MACD is slowly moving from the bullish to bearish zone.
Hourly RSI – The RSI is moving down from the overbought levels, but showing positive signs.
Major Support Level – $15.50
Major Resistance Level – $16.80
Charts courtesy – Trading View, Kraken
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