Key Highlights
- Ethereum classic price formed a major low at $13.54 and is currently moving higher against the US dollar.
- There was a break above a major bearish trend line with resistance at $17.80 on the hourly chart of the ETC/USD pair (Data feed via Simple FX).
- The pair is currently grinding higher and it could move above the $20.00 level in the near term.
Ethereum classic price is slowly and steadily moving higher against the US Dollar and Bitcoin. ETC/USD may soon gain traction for more upsides above $20.00.
Ethereum Classic Price Trend
Recently, we saw a major decline in ETC price below the $20.00 support against the US dollar. The price traded below the $18.00 and $16.00 support levels. It even traded below the $15.00 support, but found bids near the $13.50 level. A low was formed at $13.54 from where an upside correction was initiated. It moved above the 38.2% Fib retracement level of the last decline from the $24.30 high to $13.54 low.
Moreover, there was a break above a major bearish trend line with resistance at $17.80 on the hourly chart of the ETC/USD pair. The pair traded above the $18.50 resistance and tested the 100 hourly simple moving average. It seems like the $20.00 resistance and the 61.8% Fib retracement level of the last decline from the $24.30 high to $13.54 low is acting as a hurdle for more gains. The pair has to move above the $20.00 level and close above the 100 hourly SMA to rise further higher.
On the downside, an initial support is around the $18.50 level. It seems like there is an ascending channel forming on the same chart and the pair could rise slowly higher above the $20.00 level.
Hourly MACD – The MACD for ETC/USD is slightly placed in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently just around the 50 level with a minor bearish angle.
Major Support Level – $18.00
Major Resistance Level – $20.00
Charts courtesy – SimpleFX
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