Ethereum Classic Price Technical Analysis – ETC/USD Recovering Nicely

Key Highlights

• Ethereum classic price has outperformed ETH and moved above $14.00 against the US Dollar.
• There was a break above a major bearish trend line with resistance at $14.00 on the hourly chart of ETC/USD (Data feed via Kraken).
• The price is currently struggling to clear $15.00, but remains supported on the downside.

Ethereum classic price managed to recover well versus the US Dollar and Bitcoin, and ETC/USD is now placed well above the $14.00 handle.

Ethereum Classic Price Resistance

It was a sell ride for ETC price recently as it followed ETH and BTC and moved below $15.00 against the US Dollar. The price declined heavily before finding support at $12.75. Buyers were able to defend the mentioned level, and the price recovered well. The upside move was decent, as the price was above the close above $13.00. During the upside move, there was a break above a major bearish trend line with resistance at $14.00 on the hourly chart of ETC/USD.

It has opened the doors for more gains above $14 in the near term. The price has breached the 23.6% Fib retracement level of the last decline from the $19.75 high to $12.74 low. However, there is a monster resistance waiting on the upside at $16.50. It was a support earlier, and now it could prevent gains above $16.50. Moreover, the 100 hourly simple moving average is at $16.10. Furthermore, the 50% Fib retracement level of the last decline from the $19.75 high to $12.74 low is near $16.50.

So, there is a major barrier forming near $16.00-16.50 for ETC. An intermediate resistance is around the 38.2% Fib retracement level of the last decline from the $19.75 high to $12.74 low at $15.44.

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

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

Major Support Level – $14.00

Major Resistance Level – $16.50

 

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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