Ethereum Classic Price Technical Analysis – ETC/USD Breaks Key Resistance

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Key Highlights

  • Ethereum classic price surged higher and traded above the $14.00 resistance against the US dollar.
  • There was a break above a key bearish trend line with resistance at $14.20 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair may correct a few points lower, but it will most likely find support near $14.10-20.

Ethereum classic price is back in a positive zone against the US Dollar and Bitcoin. ETC/USD is now placed well above the $14.00 support zone and is poised for more gains.

Ethereum Classic Price Support

After a downside correction, ETC price found support near the $13.20 level against the US dollar. The ETC/USD pair started an upside move and broke the $13.80 and $14.00 resistance levels. It opened the doors for more gains and the price settled above $14.00 and the 100 hourly simple moving average. The mentioned upside move was positive since the price succeeded in clearing the $14.00 barrier.

More importantly, there was a break above a key bearish trend line with resistance at $14.20 on the hourly chart of the ETC/USD pair. The pair traded as high as $14.66 and is currently consolidating gains. It seems like there could be a minor downside correction towards the $14.20 support. An initial support is near the 23.6% Fib retracement level of the last wave from the $13.27 low to $14.66 high. However, the most important support is above $14.00 and near $14.10.

There is also a bullish trend line with support at $14.20 on the same chart. On the upside, a break above the $14.66 high could clear the path for a push towards $15.00. Above $15.00, the price may spike towards the $16.00 level.

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

Hourly RSI – The RSI for ETC/USD is currently correcting lower from the 70 level with positive signs.

Major Support Level – $14.10

Major Resistance Level – $14.65

 

Charts courtesy – Trading View



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