Key Highlights
- Ethereum classic price declined below the $13.00 support against the US Dollar, but later recovered.
- There was a break above a short-term bearish trend line at $13.75 on the hourly chart of ETC/USD (Data feed via Kraken).
- The price is also above $13.80 and the 100 hourly simple moving average, which is a positive sign.
Ethereum classic price is currently recovering against the US Dollar and Bitcoin. ETC/USD needs to break $14.50-80 in order to move into the bullish zone.
Ethereum Classic Price Support
There was no major recovery above $14.00 in ETC price against the US Dollar. During the past few sessions, there was a decline below the $13.00 support as well. A low was formed near $12.50 from where the price recovered and moved back above $13.00. It gained pace and was able to clear the $13.50 resistance along with the 100 hourly simple moving average.
During the upside, there was a break above a short-term bearish trend line at $13.75 on the hourly chart of ETC/USD. The price is now comfortably placed above the $13.50 support and the 100 hourly simple moving average. However, it needs to gain momentum above $14.50 resistance if it has to move into the bullish zone. An initial support is around the 38.2% Fib retracement level of the last wave from the $12.50 low to $14.41 high. The $13.50 support is also near the broken trend line and the 100 hourly SMA.
Therefore, the $13.50 support is very important. As long as the price is above $13.50, it might attempt a break above $14.50. Under $13.50, the $13.00 support could be tested. Overall, ETC needs to gain momentum above $14.40 to remain in the bullish zone.
Hourly MACD – The MACD is slightly placed in the bullish zone.
Hourly RSI – The RSI is currently above the 50 level.
Major Support Level – $13.50
Major Resistance Level – $14.50
Charts courtesy – Trading View, Kraken
