Ethereum Classic Price Technical Analysis – ETC/USD Poised For Gains

Key Highlights

• Ethereum classic price remained supported above the $15.00 level against the US Dollar, and eyeing gains.
• There are two bullish trend lines with supports as $15.40 and $15.20 forming on the hourly chart of ETC/USD (Data feed via Kraken).
• The price might soon break the $16.20 level for a move towards the next resistance of $16.70.

Ethereum classic price is slowly grinding higher versus the US Dollar and Bitcoin. ETC/USD may soon gain pace for a move towards $16.70-16.80.

Ethereum Classic Price Trend

There was a test of the $15.00 support by ETC price against the US Dollar. The price stayed above the $15.00 support and started an upside move. During the upside move the price settled above the $15.40 level and the 100 hourly simple moving average. Furthermore, there was a close above the 61.8% Fib retracement level of the last decline from the $16.10 high to $15.00 low. This move has opened the doors for more gains above the $16.10 level.

So, there are high chances of ETC gaining pace and moving past $16.20. It could even test the 1.618 extension of the last decline from the $16.10 high to $15.00 low. On the downside, there are two bullish trend lines with supports as $15.40 and $15.20 forming on the hourly chart of ETC/USD. These trend lines might continue to play an important role for buyers above $15.40. Moreover, the 100 hourly simple moving average is also positioned above the $15.40 level.

Therefore, the $15.40 level can be considered as a monster support. As long as the price is above $15.40, there can be more gains. The next major resistance for ETC is around the $16.70-16.80 levels.

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

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

Major Support Level – $15.40

Major Resistance Level – $16.70

 

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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