Ethereum Classic Price Technical Analysis – ETC/USD Back Bullish

Key Highlights

• Ethereum classic price finally broke the $16.60 resistance against the US Dollar.
• There is a major connecting bullish trend line forming with support at $16.60 on the hourly chart of ETC/USD (Data feed via Kraken).
• The broken resistance at $16.60 is now likely to act as a strong support for buyers in the near term.

Ethereum classic price climbed back in the bullish zone against the US Dollar and Bitcoin. ETC/USD tested $17.50 and remains supported on the downside.

Ethereum Classic Price Support

For a few days we saw ranging moves above $15.00 in ETC price against the US Dollar. The price finally made a nice upside move and cleared a major resistance near the $16.60 level. The upside move was such that the price even broke the $17.00 handle and traded as high as $17.46. At the moment, the price is correcting lower and testing the 23.6% Fib retracement level of the last wave from the $15.05 low to $17.46 high.

On the downside, there is a major connecting bullish trend line forming with support at $16.60 on the hourly chart of ETC/USD. The same trend line is positioned near the previous resistance at $16.60, which is likely to serve as a support in the short term. Moreover, the 38.2% Fib retracement level of the last wave from the $15.05 low to $17.46 high is at $16.52.

Therefore, we can say that ETC price remains supported on the downside near $16.60-16.50. As long as the price stays above $16.50, it is likely to resume its uptrend. On the upside, a break above $17.50 would push ETC towards the $18.00 handle. However, the most important hurdle remains at $20.00.

Hourly MACD – The MACD is back in the bullish zone and showing positive signs.

Hourly RSI – The RSI is retreating from the overbought levels.

Major Support Level – $16.60

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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