Ethereum Classic Price Technical Analysis – ETC/USD Gaining Bids

Key Highlights

• Ethereum classic price gained bids and now positioned above the $15.00 level against the US Dollar.
• There is a bullish trend line forming with support at $14.80 on the hourly chart of ETC/USD (Data feed via Kraken).
• The price is now set for a move towards the next resistance at $15.80-16.00.

Ethereum classic price is slowly moving higher versus the US Dollar and Bitcoin. ETC/USD may soon climb further and trade towards $16.00.

Ethereum Classic Price Resistance

After trading towards $13.40, ETC price formed a decent support against the US Dollar. The price started an upside move and traded above the $14.00 handle the 100 hourly simple moving average. There was even a break above the 50% Fib retracement level of the last decline from the $16.40 high to $13.30 low. Later, the price gained pace and was able to settle above a major resistance at $14.80-15.00.

It has opened the doors for more gains towards $16.00. There is a bullish trend line forming with support at $14.80 on the hourly chart of ETC/USD. The trend line support near $14.80 can now be considered as an intraday pivot. It also coincides with the 23.6% Fib retracement level of the last wave from the $13.30 low to $15.42 high. If the price corrects lower, it is likely to find support near $14.80. On the upside, the next important hurdle is near $15.80-16.00.

As long as the price is above $14.80, there is a chance of ETC gaining pace for a test of $16.00. The 100 hourly simple moving average is also heading higher, and supporting the price above $14.80. Buying dips in the short term towards $15.00 can be considered with a stop below $14.80.

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

Hourly RSI – The RSI is currently above the 50 level and heading higher.

Major Support Level – $14.80

Major Resistance Level – $15.80

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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