Ethereum Classic Price Technical Analysis – ETC/USD Poised For Gains
- Ethereum classic price remained supported above the $15.00 level against the US Dollar, and eyeing gains.
- There are two bullish trend lines with supports as $15.40 and $15.20 forming on the hourly chart of ETC/USD (Data feed via Kraken).
- The price might soon break the $16.20 level for a move towards the next resistance of $16.70.
Ethereum classic price is slowly grinding higher versus the US Dollar and Bitcoin. ETC/USD may soon gain pace for a move towards $16.70-16.80.
Ethereum Classic Price Trend
There was a test of the $15.00 support by ETC price against the US Dollar. The price stayed above the $15.00 support and started an upside move. During the upside move the price settled above the $15.40 level and the 100 hourly simple moving average. Furthermore, there was a close above the 61.8% Fib retracement level of the last decline from the $16.10 high to $15.00 low. This move has opened the doors for more gains above the $16.10 level.
So, there are high chances of ETC gaining pace and moving past $16.20. It could even test the 1.618 extension of the last decline from the $16.10 high to $15.00 low. On the downside, there are two bullish trend lines with supports as $15.40 and $15.20 forming on the hourly chart of ETC/USD. These trend lines might continue to play an important role for buyers above $15.40. Moreover, the 100 hourly simple moving average is also positioned above the $15.40 level.
Therefore, the $15.40 level can be considered as a monster support. As long as the price is above $15.40, there can be more gains. The next major resistance for ETC is around the $16.70-16.80 levels.
Hourly MACD – The MACD is moving nicely in the bullish zone.
Hourly RSI – The RSI is currently well above the 50 level and gaining pace.
Major Support Level – $15.40
Major Resistance Level – $16.70
Charts courtesy – Trading View, Kraken
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