Ethereum Classic Price Technical Analysis – ETC/USD Back Bullish?

Key Highlights

• Ethereum classic price made a nice upside move and traded above $15.00 against the US Dollar.
• There is a major connecting bullish trend line with support at $14.90 forming on the hourly chart of ETC/USD (Data feed via Kraken).
• The price is currently correcting lower but likely to find support near $15.00 and the 100 hourly simple moving average.

Ethereum classic price gained bullish traction against the US Dollar and Bitcoin. ETC/USD is now above $15.00 and trading with a positive bias.

Ethereum Classic Price Support

In the last analysis, we saw a key ascending channel pattern with support at $14.00 for ETC price against the US Dollar. The price held the support area and managed to move above a crucial resistance zone at $15.00. It opened the doors for more gains and the price was able to move above the $16.00 level. ETC traded as high as $16.72 from where a minor correction is initiated. It has moved below the 38.2% Fib retracement level of the last wave from the $13.60 low to $16.72 high.

However, the price is approaching a major support above $15.00. The $15.00-15.10 area acted as a resistance earlier and now preventing downsides. There is a major connecting bullish trend line with support at $14.90 forming on the hourly chart of ETC/USD. Moreover, the 50% Fib retracement level of the last wave from the $13.60 low to $16.72 high is at $15.17. All these support zones are crucial for ETC and could push the price back above $16.00.

Lastly, the price is also above $14.80 pivot and the 100 hourly simple moving average. Therefore, buying dips towards $15.00 might be considered in the short term with a stop below $14.80.

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

Hourly RSI – The RSI is moving higher towards the 50 level.

Major Support Level – $15.00

Major Resistance Level – $16.00

 

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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