- Ethereum classic price is holding gains nicely above $15.00 against the US Dollar and looking for more gains.
- There is an ascending channel pattern with resistance near $17.10 forming on the hourly chart of ETC/USD (Data feed via Kraken).
- The price is currently trading near a major resistance area at $16.50 and looking for a break.
Ethereum classic price is trading with a positive bias versus the US Dollar and Bitcoin, and ETC/USD has to clear $16.50-17.00 for more upsides.
Ethereum Classic Price Resistance
There were mostly positive gains in ETC price above $15.00 against the US Dollar. The price was mostly supported by the $15.00 and $14.00 support levels. As mentioned in the last analysis, a recovery wave from the $12.80 low gained momentum. There was a move above the 38.2% Fib retracement level of the last decline from the $19.65 high to $12.82 low. The price was even able to settle above the $15.50 level and the 100 hourly simple moving average.
However, there is a major hurdle near $16.50. The $16.50 level represents a major pivot area and must be breached for more gains. It also coincides with the 50% Fib retracement level of the last decline from the $19.65 high to $12.82 low. Moreover, there is an ascending channel pattern with resistance near $17.10 forming on the hourly chart of ETC/USD. So, we can say that the price faces a crucial test near $16.50-17.00. A break above it could open the doors for a move towards $20.00.
On the downside, the $15.50 support and the 100 hourly simple moving average may continue to prevent declines. The channel support at $14.80 is also a good buy zone. As long as the price is above $14.80, it may break higher.
Hourly MACD – The MACD is mostly flat in the bullish zone.
Hourly RSI – The RSI is well above the 50 level.
Major Support Level – $14.80
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.