Key Highlights
- Ethereum classic price surged higher and traded above the $14.00 resistance against the US dollar.
- There was a break above a key bearish trend line with resistance at $14.20 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair may correct a few points lower, but it will most likely find support near $14.10-20.
Ethereum classic price is back in a positive zone against the US Dollar and bitcoin. ETC/USD is now placed well above the $14.00 support zone and is poised for more gains.
Ethereum Classic Price Support
After a , ETC price found support near the $13.20 level against the US dollar. The ETC/USD pair started an upside move and broke the $13.80 and $14.00 resistance levels. It opened the doors for more gains and the price settled above $14.00 and the 100 hourly simple moving average. The mentioned upside move was positive since the price succeeded in clearing the $14.00 barrier.
More importantly, there was a break above a key bearish trend line with resistance at $14.20 on the hourly chart of the ETC/USD pair. The pair traded as high as $14.66 and is currently consolidating gains. It seems like there could be a minor downside correction towards the $14.20 support. An initial support is near the 23.6% Fib retracement level of the last wave from the $13.27 low to $14.66 high. However, the is above $14.00 and near $14.10.
There is also a bullish trend line with support at $14.20 on the same chart. On the upside, a break above the $14.66 high could clear the path for a push towards $15.00. Above $15.00, the price may spike towards the $16.00 level.
Hourly MACD – The MACD for ETC/USD is moving nicely in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently correcting lower from the 70 level with positive signs.
Major Support Level – $14.10
Major Resistance Level – $14.65
Charts courtesy –
Published at Thu, 12 Apr 2018 08:00:33 +0000
Analysis
