Ethereum Classic Price Technical Analysis – ETC/USD Breaks Key Resistance

Key Highlights

• Ethereum classic was under pressure lately and traded below $18.00 against the US Dollar before finding support near $17.60.
• There was a bearish trend line formed with resistance at $18.50 on the hourly chart (data feed via Kraken) of ETC/USD, which was broken recently.
• The price is currently above the $19.00 level and the 100 hourly simple moving average.

Ethereum classic price is trading well against the US Dollar and Bitcoin, and ETC/USD is holding a major support area above $17.60-50.

Ethereum Classic Price Support

There were declines in ETC price earlier this past week towards $18 against the US Dollar. The price traded lower and followed the 100 hourly simple moving average as resistance to trade below $18. However, the downside was protected by a major support area above $17.50. The price tested the $17.60 support area on a couple of occasions and finally made an upside move.

During the upside move, the price broke the 100 hourly simple moving average and $18. Moreover, a bearish trend line formed with resistance at $18.50 on the hourly chart (data feed via Kraken) of ETC/USD was broken. It traded nicely and settled above $19.00. However, the price is struggling to gain pace above $20. At the moment, the price is trading near the 50% Fib retracement level of the last leg from the $17.60 low to $21.25 high.

Once there is a proper close above the $20 handle, there are chances of further gains in the near term. On the downside, the broken trend line at    $18.50 may provide support. Below $18.50, the next important support is at $17.60. Buying dips in the short term above $18 remains a good idea.

Hourly MACD – The MACD is moving into the bullish zone.

Hourly RSI – The RSI has moved above the 50 level, but lacking momentum.

Major Support Level – $18

Major Resistance Level – $20

 

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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