- Ethereum classic price is back in the bullish zone and trading above $15.50 against the US Dollar.
- The last week’s highlighted a major connecting bullish trend line with support at $15.50 on the hourly chart of ETC/USD (Data feed via Kraken) is still active.
- The price is trading nicely above the $15.00 handle and likely to continue higher.
Ethereum classic price is gaining pace against the US Dollar and Bitcoin. ETC/USD has to clear $16.60-80 for further gains in the near term.
Ethereum Classic Price Resistance
It seems like ETC price is slowly moving higher and placed well above the $15.00 handle against the US Dollar. The price recently managed an hourly close above the $15.00 handle, which cleared the path for more gains. It traded towards the $16.50-80 levels, which is another important barrier. After trading as high as $16.48, the price started a minor correction. It traded below the 23.6% Fib retracement level of the last wave from the $15.05 low to $16.48 high.
On the downside, there are many support levels like $15.60 and $15.50. Moreover, this past week’s highlighted a major connecting bullish trend line with support at $15.50 on the hourly chart of ETC/USD is still intact. The $15.50 support is important since the 100 hourly simple moving average is positioned below it. An initial support is around the 50% Fib retracement level of the last wave from the $15.05 low to $16.48 high.
However, the most important buy zone is near $15.50 and the trend line. As long as the price is above the $15.00 handle, it remains in an uptrend for more gains towards the $17.00 handle.
Hourly MACD – The MACD is slowly moving from the bullish to bearish zone.
Hourly RSI – The RSI is moving down from the overbought levels, but showing positive signs.
Major Support Level – $15.50
Major Resistance Level – $16.80
Charts courtesy – Trading View, Kraken
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.Link to source