Ethereum Classic Price Analysis: ETC/USD Surging, Dips Remain Supported
- Ethereum classic price rocketed higher and broke the $16.00 and $18.00 resistances against the US dollar.
- There is a major bullish trend line formed with support at $18.20 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair may correct a few points, but dips remain supported near the $18.40 and $18.20 levels.
Ethereum classic price surged higher against the US Dollar and Bitcoin. ETC/USD is placed in a bullish zone above the $18.00 pivot level.
Ethereum Classic Price Trend
There was a strong support base formed near $14.50 level in ETC price against the US dollar. The ETC/USD pair gained bullish momentum above $15.00 after the Coinbase listing. The price jumped higher and broke many resistances like $16.00, $17.00 and $18.00. There was also a break above the $20.00 handle and a high was formed at $21.02.
Later, the price corrected lower and traded below the $20.00 level. There was a break below the 23.6% Fib retracement level of the last wave from the $15.78 low to $21.02 high. However, there are many supports on the downside above the $18.00 level. More importantly, there is a major bullish trend line formed with support at $18.20 on the hourly chart of the ETC/USD pair. The trend line support coincides with the 50% Fib retracement level of the last wave from the $15.78 low to $21.02 high. Therefore, if the price corrects lower from the current levels, it may well find bids near the $18.40 and $18.20 levels.
The chart suggests that ETC price is placed nicely in a bullish zone above $18.00. Once the current correction is over, it could make another attempt to surpass the $20.00 level. The next resistances above the $20.00 level are sitting near the $21.00 and $21.80 levels.
Hourly MACD – The MACD for ETC/USD is placed nicely in the bullish zone.
Hourly RSI – The RSI for ETC/USD is well above the 50 level.
Major Support Level – $18.20
Major Resistance Level – $20.00
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