- Ethereum classic price is holding the $16.50 support well against the US Dollar.
- There is a major contracting triangle pattern with resistance at $18.0 forming on the hourly chart (data feed via Kraken) of ETC/USD.
- The price is above the 100 simple moving average and looking for a break above $18.0.
Ethereum classic price is performing better than ETH against the US Dollar and Bitcoin, and ETC/USD is now looking for more gains above $18.
Ethereum Classic Price Support
There was a failed attempt by ETC price to break the $18.00 resistance against the US Dollar. As a result, there was a minor downside move towards the $17.00 handle. However, the price remains support above $17.00 and the 100 simple moving average. And, it is currently well above the 38.2% Fib retracement level of the last drop from the $19.20 high to $15.80 low. It seems like the price is consolidating above $16.50 and preparing for a break in the near term.
Looking at the hourly chart of ETC/USD (data feed via Kraken), there is a major contracting triangle pattern with resistance at $18.0 forming. The channel resistance also coincides with the 61.8% Fib retracement level of the last drop from the $19.20 high to $15.80 low. A break and close above the $18.00 handle is needed for buyers to gain momentum for further gains. On the downside, an initial support is near the $17.00 level and the 100 simple moving average.
However, the most important support is around the triangle at $16.50. If the price dips towards $16.50, it remains supported. Only a close below $16.50 could take ETC towards $15.00. On the upside, above $18.00, the next major hurdle is near $19.50.
Hourly MACD – The MACD is attempting to change the slope from bearish to bullish.
Hourly RSI – The RSI is currently below the 50 level.
Major Support Level – $16.50
Major Resistance Level – $18.00
Charts courtesy – Trading View, Kraken