Ethereum Classic Price Technical Analysis – Can ETC/USD Gain Pace?

Key Highlights

• Ethereum classic price after finding support below $13.50 against the US Dollar started a recovery.
• There was a break above a crucial bearish trend line with resistance near $14.00 on the hourly chart of ETC/USD (Data feed via Kraken).
• The price is still below the $14.50 resistance and the 100 hourly simple moving average.

Ethereum classic price is attempting an upside break versus the US Dollar and Bitcoin. ETC/USD has to gain momentum above $14.50 for further gains.

Ethereum Classic Price Resistance

During the past week, ETC price mostly struggled and traded below the $15.00 and $14.00 supports against the US Dollar. The price traded as low as $13.23 where it found support and later started recovering. It managed to move above the 23.6% Fib retracement level of the last decline from the $16.40 high to $13.23 low. There was even a break above a crucial bearish trend line with resistance near $14.00 on the hourly chart of ETC/USD.

However, the upside move was capped by the $14.50 resistance and the 100 hourly simple moving average. Moreover, the 38.2% Fib retracement level of the last decline from the $16.40 high to $13.23 low prevented further gains. Currently, the price is forming a short-term descending channel with resistance at $14.00 on the same chart. Once there is a close above the $14.50 resistance and the 100 hourly simple moving average, there can be more gains.

On the downside, the $13.50 support and the last swing low near $13.23 might continue to hold declines. No doubt, buyers lacking momentum, and it won’t be easy to break the $14.50 resistance. The next major resistance is around the 50% Fib retracement level of the last decline from the $16.40 high to $13.23 low at $14.78.

Hourly MACD – The MACD is currently flat and suggesting consolidation.

Hourly RSI – The RSI is currently moving lower towards the 40 level.

Major Support Level – $13.20

Major Resistance Level – $14.50

 

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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