InsideBitcoins.com

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.

Ethereum Classic Price Analysis ETC USD

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.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies
4.5/5

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees
    4.5/5

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.
      Avatar