Key Highlights
- Ethereum classic price is trading in a bullish zone above the $16.50 support against the US dollar.
- There is a crucial contracting triangle forming with resistance near $17.25 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair may perhaps break the $17.20 and $17.30 resistance levels to trade further higher.
Ethereum classic price is eyeing more gains against the US Dollar and Bitcoin. ETC/USD has to surpass the $17.30 level to accelerate gains in the near term.
Ethereum Classic Price Resistance
During the past few days, there were bullish moves above $16.00 in ETC price against the US dollar. The ETC/USD pair settled above the $16.50 support area, which is a positive sign. However, the price failed on a couple of occasions to break the $17.30-40 resistance zone. It recently dipped to $16.60 and climbed back towards the $17.25-30 zone, where it faced sellers.
It declined and broke the 50% Fib retracement level of the last wave from the $16.60 low to $17.25 high. However, the price found a decent support near $16.80 and the 100 hourly simple moving average. At the outset, there is a crucial contracting triangle forming with resistance near $17.25 on the hourly chart of the ETC/USD pair. Therefore, the pair must clear the triangle resistance and then $17.30-40 to gain upside momentum. Above this last, the price will most likely surge above $18.00. On the flip side, if the price moves down, it could test the triangle support at $16.60.
The chart suggests that the price is forming a breakout pattern with resistance at $17.30 and support at $16.60. Should there be a break and close below $16.60, the price may well drop towards $16.00. Otherwise, it is most likely to break the $17.30 resistance to climb higher.
Hourly MACD – The MACD for ETC/USD is slowly moving in the bearish zone.
Hourly RSI – The RSI for ETC/USD is flat near the 50 level.
Major Support Level – $16.60
Major Resistance Level – $17.30
Author: Aayush Jindal
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