Ethereum Classic Price Technical Analysis – ETC/USD Remains Supported




Ethereum classic price is attempting an upside move against the US Dollar and Bitcoin. ETC/USD has to break $15.00 level to gain momentum.
Ethereum Classic Price Technical Analysis ETC USD

Key Highlights

  • Ethereum classic price after a minor decline found support near $13.60 against the US Dollar.
  • There is a key ascending channel pattern with support at $14.00 forming on the hourly chart of ETC/USD (Data feed via Kraken).
  • The price is also positioned well above the $14.00 support and the 100 hourly simple moving average.

Ethereum classic price is attempting an upside move against the US Dollar and Bitcoin. ETC/USD has to break $15.00 level to gain momentum.

Ethereum Classic Price Resistance

In the last analysis, we discussed the importance of $13.50 support for ETC price against the US Dollar. The price recently dipped towards $13.50 and found support at $13.60. It also failed to stay below the $13.60 level and the 100 hourly simple moving average. As a result, there was a rejection and the price moved back above the $14.00 level. It broke the 23.6% Fib retracement level of the last decline from the $15.50 high to $13.60 low.

It seems like there is a key ascending channel pattern with support at $14.00 forming on the hourly chart of ETC/USD. It might play a major role for further gains above $15.00 in the near term. At the moment, the price is struggling to settle above the 50% Fib retracement level of the last decline from the $15.50 high to $13.60 low. Moreover, there is a short-term ascending channel with support at $14.40 forming.

Ethereum Classic Price Technical Analysis ETC USD

It would be interesting to see how ETC price traded in the near term above $14.00. In order for more upsides, buyers have to take the price above $15.00. An intermediate resistance is around the 61.8% Fib retracement level of the last decline from the $15.50 high to $13.60 low at $14.77.

Hourly MACD – The MACD is currently moving in the bullish zone.

Hourly RSI – The RSI is well above the 50 level.

Major Support Level – $14.00

Major Resistance Level – $15.00

 

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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