Ethereum Classic Price Analysis: ETC/USD Poised for Further Gains
- Ethereum classic price formed a support base at $16.40 and recovered against the US dollar.
- There was a break above a crucial bearish trend line with resistance at $18.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair may continue to rise towards the $20.50 and $21.00 resistance levels in the near term.
Ethereum classic price is recovering nicely against the US Dollar and Bitcoin. ETC/USD may well accelerate higher above $21.00 if buyers gain control.
Ethereum Classic Price Resistance
After a major downside move, ETC price found support above the $16.00 level against the US dollar. The ETC/USD pair traded as low as $16.44 before starting an upside correction. It consolidated for some time above the $16.50 level before starting an upside move. ETC price climbed above the 23.6% Fib retracement level of the last decline from the $21.94 high to $16.44 low.
It opened the doors for more gains and the price moved above the $18.00 resistance. More importantly, there was a break above a crucial bearish trend line with resistance at $18.50 on the hourly chart of the ETC/USD pair. Finally, there was a close above the $19.00 resistance and the 100 hourly simple moving average. At the moment, the price is testing the 61.8% Fib retracement level of the last decline from the $21.94 high to $16.44 low. A successful breach of the $19.75 resistance could clear the path for a push above the $20.00 barrier.
The chart suggests that the price is forming a bullish structure above $18.00. It may continue to rise and any dips from the current levels are likely to find buyers near $18.00. Additionally, the 100 hourly SMA, which is currently near $18.00 may also act as a strong support.
Hourly MACD – The MACD for ETC/USD is moving nicely in the bullish zone.
Hourly RSI – The RSI for ETC/USD is gaining pace above the 60 level.
Major Support Level – $18.00
Major Resistance Level – $20.00