Ethereum Classic Price Analysis: ETC/USD Gaining Momentum

Key Highlights

  • Ethereum classic price is slowly moving higher and is currently above $14.50 against the US dollar.
  • There is a major bullish trend line formed with support near $14.40 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair is in an uptrend and it may perhaps continue to move above the $15.60 and $15.80 resistances.

Ethereum classic price is placed in a bullish zone against the US Dollar and Bitcoin. ETC/USD may soon break the $15.60 resistance for more gains in the near term.

Ethereum Classic Price Trend

There was a decent upward move initiated from the $12.50 swing low in ETC price against the US dollar. The ETC/USD pair moved higher and traded above the $13.50 and $14.00 resistance levels. There was also a break above the $14.50 barrier and the 100 hourly simple moving average. More importantly, there was a break above the 50% Fib retracement level of the last drop from the $16.50 high to $13.05 low.

The price is now placed nicely above the $15.00 level and the 100 hourly SMA. On the upside, there is a major barrier awaits near $15.60. A break above the stated barrier could push the price towards the next key resistance at $16.20-30. An intermediate resistance is at $16.00. At the moment, the price is correcting lower from the $15.50 high. It tested the 38.2% Fib retracement level of the last wave from the $14.01 low to $15.50 high. There is also a major bullish trend line formed with support near $14.40 on the hourly chart of the ETC/USD pair.

The chart suggests that the price remains well supported above the $14.50 level. On the upside, a break above $15.60 is needed for more gains in the near term.

Hourly MACD – The MACD for ETC/USD is still in the bullish zone.

Hourly RSI – The RSI for ETC/USD is placed nicely around the 60 level with positive signs.

Major Support Level – $14.50

Major Resistance Level – $15.60