Ethereum Classic Price Technical Analysis – Can ETC/USD Hold $16.50?

Key Highlights

• Ethereum classic price after trading a few points below the $20 handle against the US Dollar found sellers.
• There is a major support area forming above $16.50 on the hourly chart of ETC/USD (Data feed via Kraken).
• The price is likely to remain above the $16.00-16.50 levels and might continue to move higher.

Ethereum classic price corrected a few points versus the US Dollar and Bitcoin, and ETC/USD is currently facing a tough barrier near $15.00.

Ethereum Classic Price Support

During the past two days, there was a lot of action in ETC price as it moved above $19.00 against the US Dollar. The price traded as high as $19.81 where it faced sellers and started a correction lower. The price moved below the 23.6% Fib retracement level of the last wave from the $13.20 low to $19.81 high. The correction was sharp and extended towards the 100 hourly simple moving average and $16.00.

There is a major support area forming above $16.50 on the hourly chart of ETC/USD. It also coincides with the 50% Fib retracement level of the last wave from the $13.20 low to $19.81 high. Furthermore, the 100 hourly simple moving average is also at $16.00. Lastly, there is a connecting bullish trend line with support below $16.00 on the hourly chart. Clearly, the $16.00-16.50 support zone is a major barrier for sellers in the near term.

As long as the price is above the $16.00 level and the 100 hourly SMA, it may bounce back. On the upside, an initial resistance is around the $18.00 handle. Above $18.00, the price may attempt a break above the $19.00 level. In the short term, we may see moves between $16.00-20.00.

Hourly MACD – The MACD is attempting to move back in the bullish zone.

Hourly RSI – The RSI is currently moving higher, but still below the 50 level.

Major Support Level – $16.00

Major Resistance Level – $18.00

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.

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