Key Highlights
- Ethereum classic price traded higher and broke the $16.00 and $16.40 resistances against the US dollar.
- There was a break above a key bearish trend line with resistance at $16.05 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is now placed nicely above the $16.40 support and it could accelerate gains towards $18.00.
Ethereum classic price is placed in a bullish zone against the US Dollar and Bitcoin. ETC/USD is likely to move further higher towards the $18.00 and $18.50 levels.
Ethereum Classic Price Trend
There was a solid support formed around the $15.50 level in ETC price against the US dollar. The ETC/USD pair remained well above the $15.00 pivot level and the 100 hourly simple moving average. The price consolidated for a few sessions above the $15.50 support before starting the next move. It climbed higher and broke the $16.00 and $16.20 resistance levels.
More importantly, there was a break above a key bearish trend line with resistance at $16.05 on the hourly chart of the ETC/USD pair. The pair spiked above the $17.00 level and a high was formed at $17.13. At the moment, the price is consolidating gains above the $16.50 level. It tested the 23.6% Fib retracement level of the last wave from the $15.58 low to $17.13 high. However, downsides were limited and it seems like the price is preparing for more gains above $17.00. There is an expanding triangle formed with resistance at $17.15. A break above this could open the doors for more gains towards the $18.00 level.
The chart suggests that the price is in a bullish zone above the $16.50 level. As long as ETC is above the $16.50 and $16.00 supports, it could continue to move higher towards $18.00 and $18.50.
Hourly MACD – The MACD for ETC/USD is placed slightly in the bullish zone.
Hourly RSI – The RSI for ETC/USD is well above the 60 level.
Major Support Level – $16.00
Major Resistance Level – $17.15
