Key Highlights
- Ethereum classic price remains in the bullish zone above $12.00 against the US Dollar.
- There is a major bullish trend line forming with support at $12.40 on the hourly chart of ETC/USD (Data feed via Kraken).
- The pair needs to break the $13.00 resistance and the 100 hourly simple moving average to gain traction.
Ethereum classic price is stable against the US Dollar and Bitcoin. ETC/USD needs to break the $13.00 resistance to retest the $14.00 handle.
Ethereum Classic Price Resistance
It seems like ETC price remains in an uptrend above the $12.00 handle against the US Dollar. The price is following a nice bullish trajectory and recently tested the $14.00 handle. Later, it corrected lower towards the $12.20 support area and is currently slowly moving higher. On the downside, there is a major bullish trend line forming with support at $12.40 on the hourly chart of ETC/USD.
The same trend line acted as a support on multiple occasions and is currently a strong buy zone above $12.20. On the upside, the price is currently trading below a crucial resistance near $13.00. There is a connecting bearish trend line at $13.00 along with the 100 hourly simple moving average. A break and close above the $13.00 resistance and the 100 hourly simple moving average is needed for more gains. In the mentioned case, the price could easily retest the $14.00 handle.
On the downside, the trend line support at $12.40 and the 61.8% Fib retracement level of the last wave from the $12.10 low to $13.50 high are important buy zones. One can consider buying dips close to the $12.40 level as long as the price stays above $12.00.
Hourly MACD – The MACD is moving flat in the bullish zone.
Hourly RSI – The RSI is currently around the 50 level with flat structure.
Major Support Level – $12.40
Major Resistance Level – $13.00
Charts courtesy – Trading View, Kraken
