Key Highlights
- Ethereum classic price is moving higher and it recently broke the $17.00 resistance against the US Dollar.
- There is a major bullish trend line forming with support at $17.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might continue to move higher and there are chances of it retesting the $20.00 handle.
Ethereum classic price is moving higher against the US Dollar and Bitcoin. ETC/USD is now above $17.00 and eyeing a test of the $20.00 resistance.
Ethereum Classic Price Support
This past week, we saw a solid rise in ETC price above $21.00 against the US Dollar. Later, the price corrected lower and traded below the $15.00 level. A low was formed at $14.37 from where it started moving higher. Buyers succeeded in pushing the price above the 38.2% Fib retracement level of the last decline from the $21.40 high to $14.37 low. The best part was a close above the $17.00 support and the 100 hourly simple moving average.
There is a decent uptrend forming with a major bullish trend line forming with support at $17.00 on the hourly chart of the ETC/USD pair. The pair recently tested the 61.8% Fib retracement level of the last decline from the $21.40 high to $14.37 low. It faced sellers and moved down to test the $17.00 support and the 100 hourly SMA. The highlighted trend line is holding losses below $17.00 and might continue to act as a strong support.
On the upside, there is a connecting trend line forming with resistance at $19.00. A close above the mentioned $19.00 would call for a test of the $20.00 handle. However, the most important resistance is near the last swing high at $21.50.
Hourly MACD – The MACD for ETC/USD is currently in the bearish zone.
Hourly RSI – The RSI for ETC/USD is recovering from the oversold levels, but still below the 50 level.
Major Support Level – $17.00
Major Resistance Level – $19.00
Charts courtesy – Trading View, Kraken
