Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Key Highlights
- Ethereum classic price is slowly moving higher and is currently trading above $15.60 against the US Dollar.
- There is a new bullish trend line forming with support at $15.65 on the hourly chart of ETC/USD (Data feed via Kraken).
- As long as the price is above $15.00, it might attempt an upside break above $16.60.
Ethereum classic price is stable and avoiding losses against the US Dollar and Bitcoin. ETC/USD needs to pierce the $16.60 level to gain further towards $18.00.
Ethereum Classic Price Trend
There were no major gains in ETC price as it remained below the $16.60 resistance against the US Dollar. The price is gaining pace and currently trading above the $15.60 support zone. It recently tested the $16.50 level where it faced sellers and corrected lower. It traded below the 50% Fib retracement level of the last wave from the $15.00 low to $16.50 high.
However, the downside move was prevented by the $15.50 support along with the 100 hourly simple moving average. Moreover, the 61.8% Fib retracement level of the last wave from the $15.00 low to $16.50 high also helped in protected declines. Currently, there is a new bullish trend line forming with support at $15.65 on the hourly chart of ETC/USD. The trend line is positioned with the 100 hourly simple moving average at $15.70.
Therefore, as long as the price is above the $15.60-70 support and the 100 hourly simple moving average, it may trade higher. On the upside, it has to clear the $16.60 resistance zone. Only a proper close above $16.60 could take the price towards $17.00 or even $18.00. Buying dips in the short term with a stop pf $15.00 can be considered.
Hourly MACD – The MACD is almost flat, showing no signs of an upside break.
Hourly RSI – The RSI is currently above the 50 level.
Major Support Level – $15.60
Major Resistance Level – $16.60
Charts courtesy – Trading View, Kraken