Ethereum Classic Price Technical Analysis – Can ETC/USD Gain Pace?




Ethereum Classic Price Technical Analysis ETC USD

Key Highlights

  • Ethereum classic price made a minor upside move and broke the $13.50 resistance against the US Dollar.
  • There was a break above a bearish trend line at $13.88 on the hourly chart of ETC/USD (Data feed via Kraken).
  • However, the price failed to gain momentum after the break and moved below $13.90.

Ethereum classic price recovered a few points against the US Dollar and Bitcoin. ETC/USD needs to gain pace above $13.90-14.00 to continue higher.

Ethereum Classic Price Upside Hurdle

We saw only bearish moves this week in ETC price below $15.00 against the US Dollar. The price even traded towards the $13.00 level where somehow buyers protected further losses. A minor recovery was initiated from the $13.00 low. Later, there was a break above the 38.2% Fib retracement level of the last decline from the $14.65 high to $13.00 low. It opened the doors for more gains in the near term above $13.50.

There was even a break above a bearish trend line at $13.88 on the hourly chart of ETC/USD. The price also made an upside move above $14.00 and the 100 hourly simple moving average. However, it failed to hold gains above $14.00 and moved lower. It cleared the 100 hourly simple moving average and currently trading below $13.90. At the moment, there is a descending channel pattern forming with resistance at $13.88.

Ethereum Classic Price Technical Analysis ETC USD

A break above the channel resistance at $13.88 and the 100 hourly simple moving average is needed for more gains. Having said that, a proper close above $14.00 would be perfect for a bullish ride. On the downside, the $13.40 level is a good support. The most important support sits at $13.00.

Hourly MACD – The MACD might move back in the bullish zone.

Hourly RSI – The RSI is currently below the 50 level and heading higher.

Major Support Level – $13.00

Major Resistance Level – $14.00

 

Charts courtesy – Trading View, Kraken

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Published by

Aayush Jindal

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is
well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets.

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