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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Classic Price Technical Analysis – ETC Signaling Losses

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Classic Price Technical Analysis

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Key Highlights

  • Ethereum classic price after bouncing a couple of times against the US Dollar traded down.
  • Yesterday’s highlighted bullish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) was broken to open the doors for more losses.
  • If the recent break is true, then there is a chance of more losses in the short term.

Ethereum classic price after trading a few points higher traded down. It looks like ETC may continue to head lower moving ahead.

Ethereum Classic Price Support

Ethereum classic price ETC dipped once yesterday, tested a trend line support and traded higher. However, as I stated yesterday, I don’t recommend buying ETC for now. The result is clearly visible on charts, pointing that my view was correct. The price moved down later and broke yesterday’s highlighted bullish trend line on the hourly chart of ETC/BTC (data feed via Simplefx).

Once there was a break below the trend line support, there was a sharp downside move which took ETC/BTC towards 0.004BTC. A new low was formed at 0.00405BTC, and currently the price is attempting to recover. An initial resistance on the upside is around the 38.2% Fib retracement level of the last drop from the 0.0057BTC high to 0.00405BTC low.

Ethereum Classic Price Technical Analysis

The most important resistance is near the 100 hourly simple moving average, which is also just around the 50% Fib retracement level of the last drop from the 0.0057BTC high to 0.00405BTC low. I think, if the ETC/BTC pair corrects further higher, then it may face sellers near the 100 hourly simple moving average. One may consider selling rallies in the short term, but with caution as there might be false spikes.

Hourly MACD – The MACD is placed in the bearish slope, calling for more losses.

Hourly RSI – The RSI is also below the 50 level, which is signaling a downtrend in ETC.

Major Support Level – 0.0040BTC

Major Resistance Level – 0.0048BTC

 

Charts courtesy – SimpleFX

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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