Key Highlights
- Ethereum classic price is slowly moving higher and is currently trading above $16.00 against the US Dollar.
- There was a break above a major bearish trend line with resistance at $16.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might continue to move higher if there is a clear break of the $17.50 resistance.
Ethereum classic price is gaining momentum against the US Dollar and Bitcoin. ETC/USD has to move above $17.50 to accelerate gains in the near term.
Ethereum Classic Price Uptrend
We saw a decent correction in ETC price after an upside ride toward $21.50 against the US Dollar. The price corrected towards the $15.00 support before finding buyers and starting a new uptrend. There was a decent rise from the $15.00 and the price is now placed above the $16.00 level. It has moved above the 23.6% Fib retracement level of the last decline from the $19.20 high to $15.52 low.
Moreover, there was a break above a major bearish trend line with resistance at $16.50 on the hourly chart of the ETC/USD pair. The pair is currently trading above the $16.50 level and the 100 hourly simple moving average. However, the 38.2% Fib retracement level of the last decline from the $19.20 high to $15.52 low is currently acting as a resistance. It has to gain pace above $17.50 and the 50% Fib retracement level of the last decline from the $19.20 high to $15.52 low to trade toward $19.00 or even $20.00.
On the downside, the broken resistance near $16.50 is a support zone along with the 100 hourly SMA. As long as the price is above the same, it could gain pace and move above $17.50.
Hourly MACD – The MACD for ETC/USD is slightly in the bullish zone.
Hourly RSI – The RSI for ETC/USD is placed well above the 50 level.
Major Support Level – $16.50
Major Resistance Level – $17.50
Charts courtesy – Trading View, Kraken