- Ethereum classic price traded above the $15.00 handle recently against the US Dollar before starting a correction.
- There is a major bullish trend line forming with support at $13.25 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The ETC/USD pair might continue to move higher and remains buy on dips toward $13.00.
Ethereum classic price remains in an uptrend against the US Dollar and Bitcoin. ETC/USD might break $14.50 again to retest $15.00.
Ethereum Classic Price Support
It was a good week so far for ETC price as it moved above the $15.00 handle against the US Dollar. The price traded as high as $15.26 from where a correction wave was initiated. It moved down and traded below the 38.2% Fib retracement level of the last wave from the $11.40 low to $15.26 high. However, the downside move was limited and contained by the $13.30 support area.
The 50% Fib retracement level of the last wave from the $11.40 low to $15.26 high acted as a major support and prevented declines. Moreover, there is a major bullish trend line forming with support at $13.25 on the hourly chart of the ETC/USD pair. On the downside, the 100 hourly simple moving average is intact at $13.24 to act as a major support zone. As long as the price is above $13.00 and the 100 hourly SMA, it could resume its uptrend.
On the upside, ETC price has to break a bearish trend line at $14.40. A close above $14.40-14.50 would open the doors for buyers to retest $15.00 or even $15.25. On the flip side, the $13.25-30 levels remain a crucial support region in the short term.
Hourly MACD – The MACD for ETC/USD is moving nicely in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently above the 50 level and moving higher.
Major Support Level – $13.25
Major Resistance Level – $14.50
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.
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