- Ethereum classic price started a nice upside reaction after trading as low as $13.02 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 is gaining momentum, but it is currently facing a major hurdle near $15.00.
Ethereum classic price started an upside correction against the US Dollar and Bitcoin. ETC/USD must clear the $15.00 resistance for more gains.
Ethereum Classic Price Resistance
There were further losses this past week from $16.00 in ETC price against the US dollar. The ETC/USD pair traded lower and even failed to hold the $15.00 support. It traded towards the $13.00 handle and formed a low at $13.02. Later, the price formed a support base and started an upside move from $13.02. It traded higher and broke the 23.6% Fib retracement level of the last drop from the $17.15 high to $13.02 low.
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 is now placed nicely above the $14.00 level and the 100 hourly simple moving average. However, it is facing a major hurdle near the $15.00 level. The stated $15.00 level was a support earlier and now it is stopping upsides. It also coincides with the 50% Fib retracement level of the last drop from the $17.15 high to $13.02 low.
Therefore, a break and close above the $15.00 level is must for more gains in the near term. On the downside, the broken support near the $14.00 level may act as a support along with the 100 hourly SMA.
Hourly MACD – The MACD for ETC/USD is moving higher in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently well above the 60 level.
Major Support Level – $14.00
Major Resistance Level – $15.00
Charts courtesy – Trading View