Key Highlights
- Ethereum classic price started an upside move from the $14.50 swing low against the US Dollar.
- There is a major contracting triangle pattern forming with resistance at $18.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might break the $18.00 resistance and attempt further gains in the near term.
Ethereum classic price is slowly gaining pace against the US Dollar and Bitcoin. ETC/USD needs to break $18.00 to initiate a new leg higher.
Ethereum Classic Price Resistance
After a major decline towards $14.50, ETC price found support against the US Dollar. The price started an upside move and was able to move above the $16.00 resistance and the 100 hourly simple moving average. It traded close to the $20.00 handle and formed a high at 19.25. It is currently correcting lower and moved below the 23.6% Fib retracement level of the last wave from the $14.50 low to $19.25 high.
However, the downside move was protected by the $16.50 support and the 100 hourly SMA. Moreover, the 61.8% Fib retracement level of the last wave from the $14.50 low to $19.25 high also prevented declines. It seems like the price is consolidating above $16.00 and the 100 hourly SMA. There is a major contracting triangle pattern forming with resistance at $18.00 on the hourly chart of the ETC/USD pair. The pair needs to settle above the $18.00 resistance to gain further momentum in the near term.
On the upside, the next resistance could be near $19.50-20.00. On the downside, an initial support is at $17.00. However, the most important support is near $16.00 and the 100 hourly SMA. The pair has to remain above $16.00 if it has to move above $18.00.
Hourly MACD – The MACD for ETC/USD is almost flat in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently well above the 50 level.
Major Support Level – $16.00
Major Resistance Level – $18.00
Charts courtesy – Trading View, Kraken
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