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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Classic Price Technical Analysis – ETC/USD Breaks Down 2017-08-07

Aayush Jindal
Aayush Jindal
7 years ago
2 mins read
Ethereum Classic Price Technical Analysis ETC USD

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Key Highlights

  • Ethereum classic price after trading towards the $16.00 level found sellers against the US Dollar.
  • There was a break below a bullish trend line with support at $15.40 on the hourly chart of ETC/USD (Data feed via Kraken).
  • The price might continue to move lower and could even test the $14.80 support zone.

Ethereum classic price is likely forming a short-term top versus the US Dollar and Bitcoin. ETC/USD may now decline towards $14.80-50.

Ethereum Classic Price Support

There was a slow and steady rise in ETC price towards $16.00 recently against the US Dollar. The price traded above the $14.80 resistance to trade as high as $16.03 where it faced sellers. Later, the price started a downside move below the $16.00 handle. It recently broke an important support near $15.40 and the 100 hourly simple moving average.

During the downside break, there was a break below a bullish trend line with support at $15.40 on the hourly chart of ETC/USD. The 23.6% Fib retracement level of the last wave from the $13.38 low to $16.03 high was breached. It has cleared the way for more losses in the near term towards $14.80-14.40. The next major support is around the 38.2% Fib retracement level of the last wave from the $13.38 low to $16.03 high at $14.80. The stated $14.80 support was a resistance earlier, and now a crucial support.

Ethereum Classic Price Technical Analysis ETC USD

On the upside, the broken trend line near $15.40 might act as a resistance if the price corrects higher. Moreover, the 100 hourly simple moving average is also a short-term resistance near $15.35. Overall, the price may continue to trade lower and might test the $14.80 support.

Hourly MACD – The MACD has moved away from the bullish to bearish zone.

Hourly RSI – The RSI has declined below the 50 level and heading lower.

Major Support Level – $14.80

Major Resistance Level – $15.40

 

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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