Ethereum Classic Price Technical Analysis – ETC/USD To Break Higher?

Key Highlights

• Ethereum classic price is placed well above the $17.00 handle against the US Dollar.
• This week’s major contracting triangle pattern with resistance at $17.60 on the hourly chart (data feed via Kraken) of ETC/USD is about to break.
• The price is currently above the $17.00 support and the 100 simple moving average.

Ethereum classic price is reaching a break zone against the US Dollar and Bitcoin, and ETC/USD might soon surge higher above $18.00 in the near term.

Ethereum Classic Price Resistance

In the last analysis, we saw a major contracting triangle pattern with resistance at $18.00 on the hourly chart (data feed via Kraken) of ETC/USD. The same pattern is still valid, and ETC price mostly traded in a range below $18.00 against the US Dollar. Since the triangle is contracting, the resistance is now near $17.60-80. ETC is currently trading just near the triangle resistance and looking for a break above $18.00.

A successful close above $18.00 might call for a run towards the $20.00 handle in the near term. If buyers remain in control, there are even chances of a spike towards the $22.00 level. On the downside, the price is supported near the $17.00 handle and the 100 simple moving average. Furthermore, the 38.2% Fib retracement level of the last wave from the $15.80 low to $18.13 high is an initial support at $17.35.

The next major support is around the triangle lower trend line at $17.00. It also coincides with the 50% Fib retracement level of the last wave from the $15.80 low to $18.13 high. As long as there is no close below $17.00, there are chances of further gains above $18.00 in the near term.

Hourly MACD – The MACD is mostly flat and pointing a consolidation.

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

Major Support Level – $17.00

Major Resistance Level – $18.00

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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