Key Highlights
- Ethereum classic price managed to gain traction and moved above the $15.00 resistance against the US dollar.
- There is a connecting bearish trend line formed with resistance at $15.90 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is likely to break the $15.90 and $16.00 resistance levels to move in the bullish zone.
Ethereum classic price is gaining momentum against the US Dollar and Bitcoin. ETC/USD may perhaps break the $16.00 resistance to continue towards $18.00.
Ethereum Classic Price Trend
After a major decline below $15.00, ETC price found support above the $13.00 level against the US dollar. The ETC/USD pair traded as low as $13.19 before starting an upward correction. It gained traction and moved above the $14.50 resistance. Moreover, there was a break above the 23.6% Fib retracement level of the last decline from the $17.88 high to $13.19 low.
The upside move was strong as the price was able to move above the $15.00 resistance and the 100 hourly simple moving average. However, the upside move was capped by the $16.00 resistance. The 61.8% Fib retracement level of the last decline from the $17.88 high to $13.19 low also acted as a hurdle. More importantly, there is a connecting bearish trend line formed with resistance at $15.90 on the hourly chart of the ETC/USD pair. The pair is currently consolidating below the $15.90 and $16.00 resistance levels. Should there be a break above $16.00, the price could accelerate gains above $17.00 in the near term.
The chart suggests that the price could make an attempt to surpass the $16.00 barrier. If it fails to move above $16.00, there may be a bearish reaction towards $15.00. On the downside, the $15.00 and $14.50 levels are strong supports.
Hourly MACD – The MACD for ETC/USD is mostly flat in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently placed well above the 50 level.
Major Support Level – $15.00
Major Resistance Level – $16.00