Ethereum Classic (ETC) is going to experience an upside break against the USD soon as the pair is placed firmly above the $16.50 bullish support level. A resistance trendline has formed near the $17.50 hurdle on the price chart and the pair will most likely go above the $17.50 resistance level soon. Ethereum Classic (ETC) is gaining bullish momentum slowly against both the USD and Bitcoin. Soon, the Ethereum Classic to USD pair will break above the resistance at $17.50 according to the price analysis of cryptocurrency analyst Aayush Jindal from NewsBTC.
Ethereum Classic (ETC) to USD Faces Resistance
Ethereum Classic formed support around the $15.50 price level against the USD. After that, it moved higher breaking the $16.00 & $16.50 resistance zones against the USD. It was able to move above $17.00 and tested the $17.50 support forming a high at this point. After that, the price started a downside move declining below the 23.6% Fibonacci retracement level of the last spike from 15.66 to $17.50.
Ethereum Classic (ETC) Price Today / USD
The decline was limited at the $16.70 and $16.80 area. The price didn’t test the 50% Fibonacci retracement levels of the last $15.66 to $17.50 wave. A low was formed around the $16.70 area and the price started recovering higher. The Ethereum Classic (ETC) price is trading above the $16.50 support and above the 100 hourly SMA. The upside has resistance at $17.20 with a connecting resistance trendline facing hurdles at $17.50.
Ethereum Classic (ETC) Technical Analysis
From the technical charts, the ETC price is above the $16.50 support area. To gain upside momentum, the price must break the $17.20 and $17.50 resistance levels. Buyers will face significant resistance at the $18.00 level.
The relative strength index is above 50 and the hourly MACD is entering into the bearish territory slowly. Significant support is at $16.50 while significant resistance is at $17.50. Traders should not take any long-term action until the price action stabilizes a bit. The next few trading sessions will determine the next price action.