Key Highlights
- Ethereum classic price is holding a major support area near $16.80 against the US dollar.
- There is a short-term ascending channel forming with support at $17.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair may climb higher in the near term as long as it stays above the $17.50 support area.
Ethereum classic price remains supported on dips against the US Dollar and bitcoin. ETC/USD is likely to continue higher if the $17.50 and $17.00 support levels are intact.
Ethereum Classic Price Support
After a substantial decline, ETC price above the $16.50 level against the US dollar. The ETC/USD pair recently traded as low as $16.79 before it started an upside move. Buyers pushed the price above the $17.00 resistance level. Moreover, there was a break above the 23.6% Fib retracement level of the last drop from the $19.87 high to $16.79 low.
However, the upside move was capped by the $18.35 level and the 100 hourly simple moving average. There is also a short-term ascending channel forming with support at $17.50 on the hourly chart of the ETC/USD pair. The ascending channel pattern seems to be a replica of a previous pattern, which paved way for losses below $17.00. The current pattern if the price remains above $17.00. Buyers need to push the price above $18.35 and the 50% Fib retracement level of the last drop from the $19.87 high to $16.79 low.
The suggests that the price may slowly move higher towards $19.00. Once there is a proper close above the 100 hourly SMA, the price may accelerate gains towards the last swing high of $19.87. Above this, the next major hurdle for buyers is near $20.00.
Hourly MACD – The MACD for ETC/USD is slowly moving in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently place nicely above the 50 level.
Major Support Level – $17.00
Major Resistance Level – $18.40
Published at Thu, 17 May 2018 08:00:06 +0000
Analysis
