Ethereum Classic Price Technical Analysis – ETC/USD Buy Dips

Key Highlights

• Ethereum classic price registered good gains and moved above the $14.00 resistance against the US Dollar.
• There was a break above a short-term bearish trend line with resistance near $13.80 on the hourly chart of ETC/USD (Data feed via Kraken).
• The price is now well above $14.00 and the 100 hourly simple moving average, which is a positive sign.

Ethereum classic price traded higher recently versus the US Dollar and Bitcoin. ETC/USD is now above $14.00 and looking for more gains.

Ethereum Classic Price Support

It seems like ETC price formed a support base near $13.20 against the US Dollar. The price after forming the mentioned support base moved above a major resistance area of $14.00. There was a clear break above the 23.6% Fib retracement level of the last decline from the $16.45 high to $13.25 low. It has opened the doors for more gains since the price is now above $14.00 and the 100 hourly simple moving average.

During the upside move, there was also a break above a short-term bearish trend line with resistance near $13.80 on the hourly chart of ETC/USD. These all are positive signs and suggests more gains for ETC towards $15.00. The recent high was $14.89. The price already corrected towards the 38.2% Fib retracement level of the last wave from the $13.38 low to $14.89 high.

So, there are chances of it gaining momentum soon above the recent high of $14.89. The next major hurdle for buyers is near $15.80. On the downside, the 50% Fib retracement level of the last wave from the $13.38 low to $14.89 high at $14.20 is a major support. Below $14.20, the $14.00 handle and the 100 hourly simple moving average are next crucial supports.

Hourly MACD – The MACD is now moving in the bullish zone.

Hourly RSI – The RSI is currently well above the 50 level.

Major Support Level – $14.00

Major Resistance Level – $15.00

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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