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Ethereum Classic Price Analysis – ETC/USD Remains Supported

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

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Key Highlights

  • Ethereum classic price remained above the $15.50 support against the US Dollar and eyeing for more gains.
  • The last week’s highlighted ascending channel pattern with resistance near $18.00 on the hourly chart of ETC/USD (Data feed via Kraken) is still intact.
  • The price is currently above the $16.00 level and the 100 hourly simple moving average.

Ethereum classic price is in the bullish zone versus the US Dollar and Bitcoin, and ETC/USD is well supported above the $15.50 level.

Ethereum Classic Price Upside Move

The price action is positive for ETC against the US Dollar above the $15.00 and $15.50 support levels. The price remained supported and attempted a close above $16.50 and $17.00 on a couple of occasions, but failed. In the last analysis, I highlighted a major resistance zone near $16.50. It coincides with the 50% Fib retracement level of the last decline from the $19.75 high to $12.80 low. The price broke the stated level, but failed near the 61.8% Fib retracement level of the last decline from the $19.75 high to $12.80 low.

The best part is the fact that the last week’s highlighted ascending channel pattern with resistance near $18.00 on the hourly chart of ETC/USD is still intact. It is holding the uptrend above the $15.00 handle and slowly taking the price higher. The pair is currently above the $16.00 level and the 100 hourly simple moving average. The channel support is near the 38.2% Fib retracement level of the last wave from the $12.80 low to $17.63 high.

Ethereum Classic Price Technical Analysis ETC USD

Once there is a proper daily close above $17.00, there can be a run towards $20.00. Until then, the price may continue to follow the channel above $15.540 and trade higher slowly.

Hourly MACD – The MACD is mostly placed in the bullish zone.

Hourly RSI – The RSI is currently just below the 50 level.

Major Support Level – $15.50

Major Resistance Level – $17.00

 

Charts courtesy – Trading View, Kraken

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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.

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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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Reason to trust

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