Ethereum Classic Price Technical Analysis – ETC/USD Eyeing $20




Ethereum Classic Price Technical Analysis ETC USD

Key Highlights

  • Ethereum classic price is moving higher and it recently broke the $17.00 resistance against the US Dollar.
  • There is a major bullish trend line forming with support at $17.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair might continue to move higher and there are chances of it retesting the $20.00 handle.

Ethereum classic price is moving higher against the US Dollar and Bitcoin. ETC/USD is now above $17.00 and eyeing a test of the $20.00 resistance.

Ethereum Classic Price Support

This past week, we saw a solid rise in ETC price above $21.00 against the US Dollar. Later, the price corrected lower and traded below the $15.00 level. A low was formed at $14.37 from where it started moving higher. Buyers succeeded in pushing the price above the 38.2% Fib retracement level of the last decline from the $21.40 high to $14.37 low. The best part was a close above the $17.00 support and the 100 hourly simple moving average.

There is a decent uptrend forming with a major bullish trend line forming with support at $17.00 on the hourly chart of the ETC/USD pair. The pair recently tested the 61.8% Fib retracement level of the last decline from the $21.40 high to $14.37 low. It faced sellers and moved down to test the $17.00 support and the 100 hourly SMA. The highlighted trend line is holding losses below $17.00 and might continue to act as a strong support.

Ethereum Classic Price Technical Analysis ETC USD

On the upside, there is a connecting trend line forming with resistance at $19.00. A close above the mentioned $19.00 would call for a test of the $20.00 handle. However, the most important resistance is near the last swing high at $21.50.

Hourly MACD – The MACD for ETC/USD is currently in the bearish zone.

Hourly RSI – The RSI for ETC/USD is recovering from the oversold levels, but still below the 50 level.

Major Support Level – $17.00

Major Resistance Level – $19.00

 

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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