Ethereum classic price corrected a few points versus the US Dollar and Bitcoin, and ETC/USD is currently facing a tough barrier near $18.00.
- Ethereum classic price after trading a few points below the $20 handle against the US Dollar found sellers.
- There is a major support area forming above $16.50 on the hourly chart of ETC/USD (Data feed via Kraken).
- The price is likely to remain above the $16.00-16.50 levels and might continue to move higher.
Ethereum Classic Price Support
During the past two days, there was a lot of action in ETC price as it moved above $19.00 against the US Dollar. The price traded as high as $19.81 where it faced sellers and started a correction lower. The price moved below the 23.6% Fib retracement level of the last wave from the $13.20 low to $19.81 high. The correction was sharp and extended towards the 100 hourly simple moving average and $16.00.
There is a major support area forming above $16.50 on the hourly chart of ETC/USD. It also coincides with the 50% Fib retracement level of the last wave from the $13.20 low to $19.81 high. Furthermore, the 100 hourly simple moving average is also at $16.00. Lastly, there is a connecting bullish trend line with support below $16.00 on the hourly chart. Clearly, the $16.00-16.50 support zone is a major barrier for sellers in the near term.
As long as the price is above the $16.00 level and the 100 hourly SMA, it may bounce back. On the upside, an initial resistance is around the $18.00 handle. Above $18.00, the price may attempt a break above the $19.00 level. In the short term, we may see moves between $16.00-20.00.
Hourly MACD – The MACD is attempting to move back in the bullish zone.
Hourly RSI – The RSI is currently moving higher, but still below the 50 level.
Major Support Level – $16.00
Major Resistance Level – $18.00
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Charts courtesy of SimpleFX