Key Highlights
- Ethereum classic price traded above the $15.00 handle recently against the US Dollar before starting a correction.
- There is a major bullish trend line forming with support at $13.25 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The ETC/USD pair might continue to move higher and remains buy on dips toward $13.00.
Ethereum classic price remains in an uptrend against the US Dollar and Bitcoin. ETC/USD might break $14.50 again to retest $15.00.
Ethereum Classic Price Support
It was a good week so far for ETC price as it moved above the $15.00 handle against the US Dollar. The price traded as high as $15.26 from where a correction wave was initiated. It moved down and traded below the 38.2% Fib retracement level of the last wave from the $11.40 low to $15.26 high. However, the downside move was limited and contained by the $13.30 support area.
The 50% Fib retracement level of the last wave from the $11.40 low to $15.26 high acted as a major support and prevented declines. Moreover, there is a major bullish trend line forming with support at $13.25 on the hourly chart of the ETC/USD pair. On the downside, the 100 hourly simple moving average is intact at $13.24 to act as a major support zone. As long as the price is above $13.00 and the 100 hourly SMA, it could resume its uptrend.
On the upside, ETC price has to break a bearish trend line at $14.40. A close above $14.40-14.50 would open the doors for buyers to retest $15.00 or even $15.25. On the flip side, the $13.25-30 levels remain a crucial support region in the short term.
Hourly MACD – The MACD for ETC/USD is moving nicely in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently above the 50 level and moving higher.
Major Support Level – $13.25
Major Resistance Level – $14.50
Charts courtesy – Trading View, Kraken
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