Key Highlights
- Ethereum classic price recovered further and moved above the $19.00 level against the US dollar.
- There is a major bullish trend line forming with support at $19.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is currently trading above the $20.00 level and it may continue to move higher.
Ethereum classic price is placed in a bullish zone against the US Dollar and Bitcoin. ETC/USD could continue to move higher and it may break the $21.50 resistance.
Ethereum Classic Price Trend
There was a solid price action above the $18.00 pivot level in ETC price against the US dollar. After forming a low at $17.80, the price moved higher and broke the $19.00 and $20.00 resistance levels. It even traded above the $21.00 level and formed a high near $21.52. Later, a downside correction was initiated and the price moved below the 23.6% Fib retracement level of the last wave from the $17.87 low to $21.52 high.
However, the downside move was well supported above the $19.00 level. The price tested the $19.00-19.20 support area and bounced. The 61.8% Fib retracement level of the last wave from the $17.87 low to $21.52 high also acted as a support. On the downside, there is a major bullish trend line forming with support at $19.50 on the hourly chart of the ETC/USD pair. As long as the pair is above the trend line and the $19.00 support, it remains in an uptrend.
On the upside, the price may retest the $21.50 resistance. However, a break above the $21.50 resistance is needed for a push towards the $25.00 level. The overall price structure is bullish as long as the trend line and support at $19.00 are intact.
Hourly MACD – The MACD for ETC/USD is currently flat in the bullish zone.
Hourly RSI – The RSI for ETC/USD is well above the 50 level.
Major Support Level – $19.00
Major Resistance Level – $21.50
Charts courtesy – Trading View
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