- Ethereum classic declined heavily towards the $15 support against the US Dollar and later found buyers.
- There was a bearish trend line formed with resistance at $17.30 on the hourly chart (data feed via Kraken) of ETC/USD, which was broken recently.
- The price is trading with a positive bias above $17 and may gain pace for further gains.
Ethereum classic price recovered sharply after a dip against the US Dollar and Bitcoin, and ETC/USD is now moving higher towards the $19 resistance.
Ethereum Classic Price Back above Support
Yesterday, ETC price failed to hold the $17.50 support against the US Dollar. The price traded sharply lower and broke a few support levels like $17 and $16. A new weekly low was formed below the $15 handle at $14.87 from where the price started recovering. The price bounced back sharply and moved above the 23.6% Fib retracement level of the decline from the $21.10 high to $14.87 low.
During the upside move, the price broke a bearish trend line formed with resistance at $17.30 on the hourly chart. It opened the doors for more gains and the price was able to move back above the $17.50-60 support. The price is currently attempting a close above the 50% Fib retracement level of the decline from the $21.10 high to $14.87 low. Once it succeeds, there is a chance of ETC/USD testing the 100 hourly simple moving average at $19.00.
The $19 resistance also coincides with the 61.8% Fib retracement level of the decline from the $21.10 high to $14.87 low. So, there is chance of a minor pullback for the 100 SMA towards $17.50. Buying dips towards the $17.50-00 levels remain a good idea in the near term.
Hourly MACD – The MACD is back in the bullish zone.
Hourly RSI – The RSI is now well above the 50 level.
Major Support Level – $17.50
Major Resistance Level – $19.00
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.