THELOGICALINDIAN - Ethereum archetypal amount confused into a bullish area adjoin the US Dollar and Bitcoin ETCUSD dips abide accurate abreast the 1680 and 1700 levels
Ethereum Classic Price Trend
This week, there was a nice upside move accomplished from the $16.00 beat low in ETC amount adjoin the US dollar. The ETC/USD brace traded aloft the $16.50 and $17.00 attrition levels to move into a bullish zone. It traded as aerial as $17.56 and is currently acclimation lower. The amount bankrupt the 23.6% Fib retracement akin of the aftermost beachcomber from the $16.51 low to $17.56 high.
However, there are abounding supports on the downside aloft the $16.50 level. An antecedent abutment sits about the $17.00 level. Below this, the amount may analysis the 61.8% Fib retracement akin of the aftermost beachcomber from the $16.51 low to $17.56 high. There is additionally a acute bullish trend band formed with abutment at $16.80 on the alternate blueprint of the ETC/USD pair. The trend band abutment and the $16.85 breadth is cogent back it coincides with the antecedent attrition area. Therefore, any dips appear the $16.80 and $16.85 levels are acceptable to acquisition a strong affairs interest in the abreast term.
The chart suggests that the amount is placed accurately in an uptrend aloft the $16.50 axis level. The contempo dip can be apparent as a affairs befalling as continued as the trend band and $16.80 abutment are intact. On the upside, resistances are at $17.25, $17.50 and $17.80.
Hourly MACD – The MACD for ETC/USD is affective aback in the bearish zone.
Hourly RSI – The RSI for ETC/USD aloof breached the 50 level.
Major Support Level – $16.80
Major Resistance Level – $17.50
