- Ethereum classic price gained bullish momentum and it broke the $12.50 and $13.40 resistances against the US dollar.
- There is a major bullish trend line in place with support at $13.10 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is likely to accelerate higher above the $14.20 and $15.00 resistance levels in the near term.
Ethereum classic price is gaining traction against the US Dollar and Bitcoin. ETC/USD could continue to move higher towards the $15.00 level.
Ethereum Classic Price Trend
After declining towards the $10.50 level, ETC price found a strong buying interest against the US dollar. The ETC/USD pair started a fresh upward move and broke the $12.50 resistance. It even surged above the $14.00 level and settled above the 100 hourly simple moving average. A new weekly high was formed at $14.37 and later the price corrected lower.
It moved below the 23.6% Fib retracement level of the last wave from the $11.88 low to $14.37 high. However, losses were limited near $13.40. The stated $13.20-40 zone was a resistance earlier and now it is acting as a support. Additionally, it coincides with the 38.2% Fib retracement level of the last wave from the $11.88 low to $14.37 high. Moreover, there is a major bullish trend line in place with support at $13.10 on the hourly chart of the ETC/USD pair. Therefore, if the price dips from the current levels, it is likely to find support near the $13.40 and $13.10 levels. The next support is near $12.50 and the 100 hourly SMA.
The chart suggests that ETC price is placed nicely in a bullish zone above $12.50. It could continue to move higher towards the recent high at $14.37. Above this, the price may perhaps test $15.00.
Hourly MACD – The MACD for ETC/USD is moving nicely in the bullish zone.
Hourly RSI – The RSI for ETC/USD is now well above the 50 level.
Major Support Level – $13.10
Major Resistance Level – $14.35
Author: Aayush Jindal