Key Highlights
- Ethereum classic price traded above the $13.00 level against the US Dollar, but failed near $14.00.
- There is a crucial bullish trend line forming with support at $12.00 on the hourly chart of ETC/USD (Data feed via Kraken).
- The pair recently corrected sharply lower, but remains supported near $12.00-11.80.
Ethereum classic price corrected sharply lower today against the US Dollar and Bitcoin. However, ETC/USD is well supported above the $11.80 level.
Ethereum Classic Price Support
It was a good week so far for ETC price as it moved above the $12.00 handle against the US Dollar. The price even broke the $13.00 level recently and gained heavy upside momentum. A new weekly high was formed at $13.97 and the price almost tested the $14.00 handle. After trading as high as $13.97, the price started a downside correction and moved below $13.50.
There was a break of the 50% Fib retracement level of the last wave from the $11.35 low to $13.97 high. The price traded close to the $12.00 level and the 100 hourly simple moving average. There was a break of the 61.8% Fib retracement level of the last wave from the $11.35 low to $13.97 high. However, the price gained bids above $12.00 and the 100 hourly SMA. There is also a crucial bullish trend line forming with support at $12.00 on the hourly chart of ETC/USD.
As long as the price is above the 100 hourly SMA and the trend line support or $11.80, it might recover. On the upside, an initial resistance is around the $13.00 handle. Once buyers succeed in breaking $13.00, the price could even test the $14.00 handle in the near term.
Hourly MACD – The MACD is currently in the bearish zone.
Hourly RSI – The RSI is recovering from the oversold levels and is currently well below the 50 level.
Major Support Level – $11.80
Major Resistance Level – $13.00
Charts courtesy – Trading View, Kraken
