Ethereum Classic Price Technical Analysis – ETC/USD Remains Supported

Key Highlights

• Ethereum classic price remained above the $15.50 support against the US Dollar and eyeing for more gains.
• The last week’s highlighted ascending channel pattern with resistance near $18.00 on the hourly chart of ETC/USD (Data feed via Kraken) is still intact.
• The price is currently above the $16.00 level and the 100 hourly simple moving average.

Ethereum classic price is in the bullish zone versus the US Dollar and Bitcoin, and ETC/USD is well supported above the $15.50 level.

Ethereum Classic Price Upside Move

The price action is positive for ETC against the US Dollar above the $15.00 and $15.50 support levels. The price remained supported and attempted a close above $16.50 and $17.00 on a couple of occasions, but failed. In the last analysis, I highlighted a major resistance zone near $16.50. It coincides with the 50% Fib retracement level of the last decline from the $19.75 high to $12.80 low. The price broke the stated level, but failed near the 61.8% Fib retracement level of the last decline from the $19.75 high to $12.80 low.

The best part is the fact that the last week’s highlighted ascending channel pattern with resistance near $18.00 on the hourly chart of ETC/USD is still intact. It is holding the uptrend above the $15.00 handle and slowly taking the price higher. The pair is currently above the $16.00 level and the 100 hourly simple moving average. The channel support is near the 38.2% Fib retracement level of the last wave from the $12.80 low to $17.63 high.

Once there is a proper daily close above $17.00, there can be a run towards $20.00. Until then, the price may continue to follow the channel above $15.540 and trade higher slowly.

Hourly MACD – The MACD is mostly placed in the bullish zone.

Hourly RSI – The RSI is currently just below the 50 level.

Major Support Level – $15.50

Major Resistance Level – $17.00

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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