The value of the Ethereum Classic reports an increase of 4.67%, positioning the price above $ 14.67 dollars.
The classic price of Ethereum Classic started a good upward reaction after trading at a price as low as $ 13.02 against the US dollar.
There was a break above a key bearish trend line with a resistance of $ 14.20 on the hourly chart of the ETC / USD pair.
The pair is gaining momentum, but currently faces a big hurdle near $ 15.00.
The classic price of Ethereum Classic began a bullish correction against the US dollar and Bitcoin. ETC / USD must clear resistance of $ 15.00 to get more profits.
Analyzing the price of the Ethereum Classic
There were more losses this past week of $ 16.00 in ETC price against the US dollar. The ETC / USD pair traded lower and even could not maintain the $ 15.00 support. He switched to the handle of $ 13.00 and formed a minimum of $ 13.02. Later, the price formed a support base and started a bullish move from $ 13.02. It moved higher and broke the 23.6% retracement level of the last fall, from the low of $ 17.15 to the low of $ 13.02.
More importantly, there was a break above a key bearish trend line with a resistance of $ 14.20 on the hourly chart of the ETC / USD pair. The pair now stands well above the $ 14.00 level and the 100-hour simple moving average. However, he faces a big obstacle near the $ 15.00 level. The established level of $ 15.00 was a previous support and now it is stopping upsides. It also matches the Fibonacci retracement level at 50% of the last fall from the low of $ 17.15 to $ 13.02.
Therefore, a break and close above the $ 15.00 level is mandatory to obtain more profits in the short term. On the downside, broken support near the $ 14.00 level can act as support along with the 100-hour SMA.
MACD per hour: MACD for ETC / USD moves higher in the bullish zone.
RSI per hour: the RSI for ETC / USD is currently well above level 60.
Main support level: $ 14.00
Highest resistance level – $ 15.00