Ethereum Classic Price Analysis: ETC/USD Eyeing Upside Break

Key Highlights

• Ethereum classic price is placed in a bullish zone above the $16.50 support against the US dollar.
• There is a connecting resistance trend line formed with current hurdle near $17.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
• The pair is likely to make an upside move above the $17.40 and $17.50 resistance levels.

Ethereum classic price is slowly gaining momentum against the US Dollar and Bitcoin. ETC/USD must break the $17.50 resistance for more gains in the near term.

Ethereum Classic Price Resistance

There was a strong support formed near the $15.50 level in in ETC price against the US dollar. The ETC/USD pair jumped higher and broke the $16.00 and $16.50 resistance levels. It even moved above the $17.00 level and traded towards $17.50. A high was formed at $17.50 before the price started a downside correction. It declined below the 23.6% Fib retracement level of the last wave from the $15.66 low to $17.50 high.

However, declines were limited by the $16.70-80 zone. Moreover, there was no test of the 50% Fib retracement level of the last wave from the $15.66 low to $17.50 high. The price formed a low near the $16.70 level and recovered higher. ETC price is now trading well above the $16.50 support and the 100 hourly simple moving average. On the upside, an initial resistance is at $17.20. Above this, there is a connecting resistance trend line formed with current hurdle near $17.50 on the hourly chart of the ETC/USD pair.

The chart suggests that the price is placed nicely above the $16.50 support. Having said that, it must break the $17.20 and $17.50 resistance levels to gain upside momentum. The next major resistance for buyers is around the $18.00 level.

Hourly MACD – The MACD for ETC/USD is slowly moving in the bearish zone.

Hourly RSI – The RSI for ETC/USD is well above the 50 level.

Major Support Level – $16.50

Major Resistance Level – $17.50

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