Ethereum Classic Price Analysis: Can ETC/USD Surpass $16?

Key Highlights

  • Ethereum classic price is trading nicely above the $14.25 support area against the US dollar.
  • There is a major bearish trend line formed with resistance at $15.60 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair has to clear the $15.60 and $16.00 resistance levels to gain upside momentum in the near term.

Ethereum classic price is slowly moving in a positive zone against the US Dollar and Bitcoin. ETC/USD could accelerate gains above $16.00 if buyers gain control.

Ethereum Classic Price Resistance

There was a decent upside move in ETC price above the $14.25 and $15.00 resistance levels against the US dollar. The ETC/USD pair traded close to the $16.00 resistance, which prevented further gains. There were a couple of attempts by buyers to break $16.00, but they failed. As a result, the price declined and moved below $15.00. There was a break below the 38.2% Fib retracement level of the last wave from the $13.21 low to $16.03 high.

The price also cleared the 100 hourly simple moving average, but it found support near $14.25. Moreover, the 61.8% Fib retracement level of the last wave from the $13.21 low to $16.03 high also provided support. ETC price bounced back and is currently trading above $15.00 and the 100 hourly SMA. On the upside, there is a major bearish trend line formed with resistance at $15.60 on the hourly chart of the ETC/USD pair. Above the trend line, the most important hurdle for buyers is near the $16.00 level.

The chart suggests that the price is slowly moving into a positive zone above $15.00. However, it must clear the $15.60 and $16.00 resistances to gain traction. On the downside, supports are seen near $14.60 and $14.25 levels.

Hourly MACD – The MACD for ETC/USD is currently flat in the bullish zone.

Hourly RSI – The RSI for ETC/USD is holding the 50 level with positive signs.

Major Support Level – $14.25

Major Resistance Level – $16.00

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