Ethereum Classic Price Technical Analysis – Can ETC/USD Break $16.50?

Key Highlights

  • Ethereum classic price continued to struggle to break the $16.00-16.50 resistance against the US Dollar.
  • There is an ascending channel pattern with resistance near $16.50 forming on the hourly chart of ETC/USD (Data feed via Kraken).
  • The price is currently trading near the channel support at $15.50 and recovering.

Ethereum classic price is following a bullish path versus the US Dollar and Bitcoin, and ETC/USD is now facing a major resistance near $16.50.

Ethereum Classic Price Upside Hurdle

There were a lot of swing moves towards $15.00 in ETC price against the US Dollar. Despite all selling pressures, the price was able to hold the $14.00 support area and moved higher. It is currently placed well above the $15.00 support and the 100 hourly simple moving average. The price is also placed well above the 23.6% Fib retracement level of the last decline from the $19.60 high to $12.80 low.

It is a positive sign and suggest a positive bias above $15.00. There is an ascending channel pattern with resistance near $16.50 forming on the hourly chart of ETC/USD. However, the price is facing a major hurdle near $16.50. It has struggled a lot to break $16.50 and moved down on a couple of occasions. It also coincides with the 50% Fib retracement level of the last decline from the $19.60 high to $12.80 low. The $16.50 level was support earlier and now preventing gains.

Ethereum Classic Price Technical Analysis ETC USD

Overall, it seems like a break above $16.50 is needed for ETC to gain momentum. As long as the price is above $15.00, there is a chance of it gaining traction and moving past $16.50. Above it, the next major hurdle is near $19.50-20.00.

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

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

Major Support Level – $15.00

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.

Source: Newsbtc

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