Ethereum Classic Price Analysis – ETC/USD Remains Supported

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.

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

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.

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.
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