Ethereum Classic Price Technical Analysis – ETC/USD Gaining Bids
- Ethereum classic price gained bids and now positioned above the $15.00 level against the US Dollar.
- There is a bullish trend line forming with support at $14.80 on the hourly chart of ETC/USD (Data feed via Kraken).
- The price is now set for a move towards the next resistance at $15.80-16.00.
Ethereum classic price is slowly moving higher versus the US Dollar and Bitcoin. ETC/USD may soon climb further and trade towards $16.00.
Ethereum Classic Price Resistance
After trading towards $13.40, ETC price formed a decent support against the US Dollar. The price started an upside move and traded above the $14.00 handle the 100 hourly simple moving average. There was even a break above the 50% Fib retracement level of the last decline from the $16.40 high to $13.30 low. Later, the price gained pace and was able to settle above a major resistance at $14.80-15.00.
It has opened the doors for more gains towards $16.00. There is a bullish trend line forming with support at $14.80 on the hourly chart of ETC/USD. The trend line support near $14.80 can now be considered as an intraday pivot. It also coincides with the 23.6% Fib retracement level of the last wave from the $13.30 low to $15.42 high. If the price corrects lower, it is likely to find support near $14.80. On the upside, the next important hurdle is near $15.80-16.00.
As long as the price is above $14.80, there is a chance of ETC gaining pace for a test of $16.00. The 100 hourly simple moving average is also heading higher, and supporting the price above $14.80. Buying dips in the short term towards $15.00 can be considered with a stop below $14.80.
Hourly MACD – The MACD is slowly moving in the bullish zone.
Hourly RSI – The RSI is currently above the 50 level and heading higher.
Major Support Level – $14.80
Major Resistance Level – $15.80
Charts courtesy – Trading View, Kraken
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