Key Highlights
- Ethereum classic price is in a slow and steady uptrend above the $14.50 level against the US Dollar.
- This week’s highlighted major bullish trend line with current support at $14.40 is intact on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might continue to move higher and it will most likely break the $15.20 resistance.
Ethereum classic price is slowly moving higher against the US Dollar and Bitcoin. ETC/USD might soon break $15.20 for more gains.
Ethereum Classic Price Trend
This week, we saw an upside break above $13.00 in ETC price against the US Dollar. The price was even able to break the $14.00 and $14.50 resistance levels. A new high was formed above the $15.00 handle before the price started a downside correction. It traded sharply lower and moved below the $14.00 handle. However, the downside move was limited by the $13.20 support area.
ETC price is now again moving higher and is trading above the 50% Fib retracement level of the last decline from the $15.16 high to $13.20 low. The best part is the fact that this week’s highlighted major bullish trend line with current support at $14.40 is intact on the hourly chart of the ETC/USD pair. The pair is placed well above $14.50 and the 100 hourly simple moving average, which are positive signs. As long as the pair is above $14.00, it is likely to move back above $15.00.
It could even break $15.15 and $15.20 for more gains toward $15.50 in the near term. Later, the price might trade towards the $16.00 handle during the coming days. Therefore, the overall trend is positive above the $14.40 support in the short term.
Hourly MACD – The MACD for ETC/USD is placed well in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently well above the 60 level.
Major Support Level – $14.40
Major Resistance Level – $15.20
Charts courtesy – Trading View, Kraken
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