- Ethereum classic was under pressure lately and traded below $18.00 against the US Dollar before finding support near $17.60.
- There was a bearish trend line formed with resistance at $18.50 on the hourly chart (data feed via Kraken) of ETC/USD, which was broken recently.
- The price is currently above the $19.00 level and the 100 hourly simple moving average.
Ethereum classic price is trading well against the US Dollar and Bitcoin, and ETC/USD is holding a major support area above $17.60-50.
Ethereum Classic Price Support
There were declines in ETC price earlier this past week towards $18 against the US Dollar. The price traded lower and followed the 100 hourly simple moving average as resistance to trade below $18. However, the downside was protected by a major support area above $17.50. The price tested the $17.60 support area on a couple of occasions and finally made an upside move.
During the upside move, the price broke the 100 hourly simple moving average and $18. Moreover, a bearish trend line formed with resistance at $18.50 on the hourly chart (data feed via Kraken) of ETC/USD was broken. It traded nicely and settled above $19.00. However, the price is struggling to gain pace above $20. At the moment, the price is trading near the 50% Fib retracement level of the last leg from the $17.60 low to $21.25 high.
Once there is a proper close above the $20 handle, there are chances of further gains in the near term. On the downside, the broken trend line at $18.50 may provide support. Below $18.50, the next important support is at $17.60. Buying dips in the short term above $18 remains a good idea.
Hourly MACD – The MACD is moving into the bullish zone.
Hourly RSI – The RSI has moved above the 50 level, but lacking momentum.
Major Support Level – $18
Major Resistance Level – $20
Charts courtesy – Trading View, Kraken
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