Ethereum Classic Price Technical Analysis – ETC/USD Approaching Break

Key Highlights

• Ethereum classic price after a decline towards $15.80 against the US Dollar found support.
• There is a crucial contracting triangle pattern with resistance at $17.50 forming on the hourly chart (data feed via Kraken) of ETC/USD.
• A break and close above $17.50 might trigger further gains in the near term.

Ethereum classic price managed to find bids against the US Dollar and Bitcoin, and ETC/USD is now eyeing a break above $17.50 for further gains.

Ethereum Classic Price Resistance

There were a few swing moves in ETC price towards $16.00 against the US Dollar. Later, the price formed a base at $15.80 and started an upside move. It managed to crawl above the 23.6% Fib retracement level of the last drop from the $19.10 high to $15.85 low. It looks like the price is preparing for the next move above $18.00 in the near term.

At present, the price is struggling to break the 50% Fib retracement level of the last drop from the $19.10 high to $15.85 low at $17.50. The mentioned level also coincides with the 100 hourly simple moving average. Furthermore, there is a crucial contracting triangle pattern with resistance at $17.50 forming on the hourly chart of ETC/USD. Once there is a break and close above the $17.50 resistance and the 100 hourly simple moving average, there can be more gains.

The next resistance on the upside is near the 76.4% Fib retracement level of the last drop from the $19.10 high to $15.85 low at $18.40. On the downside, the triangle support at $16.10-16.20 can be considered as a buy zone. Buying dips can be considered as long as the price is above $15.80.

Hourly MACD – The MACD is mostly flat and suggesting a consolidation phase.

Hourly RSI – The RSI is heading lower, but well above the 50 level.

Major Support Level – $16.20

Major Resistance Level – $17.50

 

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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