Ethereum Classic Price Analysis: ETC/USD Eyeing Upside Break ByAayush JindalPRO INVESTOR Updated: 09 September 2021 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage 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 The post Ethereum Classic Price Analysis: ETC/USD Eyeing Upside Break appeared first on NewsBTC. Join Our Telegram channel to stay up to date on breaking news coverage