Key Highlights
- Ethereum classic price after a minor decline found support near $13.60 against the US Dollar.
- There is a key ascending channel pattern with support at $14.00 forming on the hourly chart of ETC/USD (Data feed via Kraken).
- The price is also positioned well above the $14.00 support and the 100 hourly simple moving average.
Ethereum classic price is attempting an upside move against the US Dollar and Bitcoin. ETC/USD has to break $15.00 level to gain momentum.
Ethereum Classic Price Resistance
In the last analysis, we discussed the importance of $13.50 support for ETC price against the US Dollar. The price recently dipped towards $13.50 and found support at $13.60. It also failed to stay below the $13.60 level and the 100 hourly simple moving average. As a result, there was a rejection and the price moved back above the $14.00 level. It broke the 23.6% Fib retracement level of the last decline from the $15.50 high to $13.60 low.
It seems like there is a key ascending channel pattern with support at $14.00 forming on the hourly chart of ETC/USD. It might play a major role for further gains above $15.00 in the near term. At the moment, the price is struggling to settle above the 50% Fib retracement level of the last decline from the $15.50 high to $13.60 low. Moreover, there is a short-term ascending channel with support at $14.40 forming.
It would be interesting to see how ETC price traded in the near term above $14.00. In order for more upsides, buyers have to take the price above $15.00. An intermediate resistance is around the 61.8% Fib retracement level of the last decline from the $15.50 high to $13.60 low at $14.77.
Hourly MACD – The MACD is currently moving in the bullish zone.
Hourly RSI – The RSI is well above the 50 level.
Major Support Level – $14.00
Major Resistance Level – $15.00
Charts courtesy – Trading View, Kraken