Key Highlights
- Ethereum classic price traded higher recently and moved above the $17.00 barrier against the US dollar.
- There is a crucial bullish trend line formed with support at $16.80 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is currently correcting lower, but it remains supported above the $16.80-17.00 levels.
Ethereum classic price moved into a bullish zone against the US Dollar and Bitcoin. ETC/USD dips remain supported near the $16.80 and $17.00 levels.
Ethereum Classic Price Trend
This week, there was a nice upside move initiated from the $16.00 swing low in ETC price against the US dollar. The ETC/USD pair traded above the $16.50 and $17.00 resistance levels to move into a bullish zone. It traded as high as $17.56 and is currently correcting lower. The price broke the 23.6% Fib retracement level of the last wave from the $16.51 low to $17.56 high.
However, there are many supports on the downside above the $16.50 level. An initial support sits around the $17.00 level. Below this, the price may test the 61.8% Fib retracement level of the last wave from the $16.51 low to $17.56 high. There is also a crucial bullish trend line formed with support at $16.80 on the hourly chart of the ETC/USD pair. The trend line support and the $16.85 area is significant since it coincides with the previous resistance area. Therefore, any dips towards the $16.80 and $16.85 levels are likely to find a strong buying interest in the near term.
The chart suggests that the price is placed nicely in an uptrend above the $16.50 pivot level. The recent dip can be seen as a buying opportunity as long as the trend line and $16.80 support are intact. On the upside, resistances are at $17.25, $17.50 and $17.80.
Hourly MACD – The MACD for ETC/USD is moving back in the bearish zone.
Hourly RSI – The RSI for ETC/USD just breached the 50 level.
Major Support Level – $16.80
Major Resistance Level – $17.50