Key Highlights
- Ethereum classic price corrected lower after trading as high as $17.01 against the US dollar.
- There was a break below a connecting bullish trend line with support at $16.60 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair remains supported on the downside above $15.80 and it could resume its uptrend.
Ethereum classic price is positioned in a bullish trend against the US Dollar and bitcoin. ETC/USD may trade in a range above $15.80 before it makes the next move.
Ethereum Classic Price Resistance
There was a move in ETC price above the $16.00 level against the US dollar. The ETC/USD pair traded towards the $17.00 level where sellers emerged. A high was formed at $17.01 from where the price started a downside correction. It moved down and broke the $16.80 and $16.60 support levels. Moreover, there was a break below the 50% Fib retracement level of the last leg from the $15.05 low to $17.01 high.
More importantly, there was a break below a connecting bullish trend line with support at $16.60 on the hourly chart of the ETC/USD pair. However, the decline found support near the $16.50 level, which is a key pivot zone. There is also a bullish trend line on the same chart with current support at $15.80. At the moment, the price is testing the 50% Fib retracement level of the last drop from the $17.01 high to $15.62 low. A break above the $16.40 level is required for an towards $17.00 or even higher.
The above suggests that the price is positioned nicely above the $15.80 support. As long as ETC is above $15.60-80, it may trade in a range before making the next move higher.
Hourly MACD – The MACD for ETC/USD is gaining pace in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently well above the 50 level.
Major Support Level – $15.60
Major Resistance Level – $16.40
Published at Tue, 17 Apr 2018 08:00:51 +0000
Analysis
