Key Highlights
- Ethereum classic price has outperformed ETH and moved above $14.00 against the US Dollar.
- There was a break above a major bearish trend line with resistance at $14.00 on the hourly chart of ETC/USD (Data feed via Kraken).
- The price is currently struggling to clear $15.00, but remains supported on the downside.
Ethereum classic price managed to recover well versus the US Dollar and Bitcoin, and ETC/USD is now placed well above the $14.00 handle.
Ethereum Classic Price Resistance
It was a sell ride for ETC price recently as it followed ETH and BTC and moved below $15.00 against the US Dollar. The price declined heavily before finding support at $12.75. Buyers were able to defend the mentioned level, and the price recovered well. The upside move was decent, as the price was above the close above $13.00. During the upside move, there was a break above a major bearish trend line with resistance at $14.00 on the hourly chart of ETC/USD.
It has opened the doors for more gains above $14 in the near term. The price has breached the 23.6% Fib retracement level of the last decline from the $19.75 high to $12.74 low. However, there is a monster resistance waiting on the upside at $16.50. It was a support earlier, and now it could prevent gains above $16.50. Moreover, the 100 hourly simple moving average is at $16.10. Furthermore, the 50% Fib retracement level of the last decline from the $19.75 high to $12.74 low is near $16.50.
So, there is a major barrier forming near $16.00-16.50 for ETC. An intermediate resistance is around the 38.2% Fib retracement level of the last decline from the $19.75 high to $12.74 low at $15.44.
Hourly MACD – The MACD is now back in the bullish zone.
Hourly RSI – The RSI is currently well above the 50 level.
Major Support Level – $14.00
Major Resistance Level – $16.50
Charts courtesy – Trading View, Kraken