Ethereum Classic Price Technical Analysis – Can ETC/USD Gain Pace?

Ethereum Classic Price Technical Analysis ETC USD

Key Highlights

  • Ethereum classic price made a minor upside move and broke the $13.50 resistance against the US Dollar.
  • There was a break above a bearish trend line at $13.88 on the hourly chart of ETC/USD (Data feed via Kraken).
  • However, the price failed to gain momentum after the break and moved below $13.90.

Ethereum classic price recovered a few points against the US Dollar and Bitcoin. ETC/USD needs to gain pace above $13.90-14.00 to continue higher.

Ethereum Classic Price Upside Hurdle

We saw only bearish moves this week in ETC price below $15.00 against the US Dollar. The price even traded towards the $13.00 level where somehow buyers protected further losses. A minor recovery was initiated from the $13.00 low. Later, there was a break above the 38.2% Fib retracement level of the last decline from the $14.65 high to $13.00 low. It opened the doors for more gains in the near term above $13.50.

There was even a break above a bearish trend line at $13.88 on the hourly chart of ETC/USD. The price also made an upside move above $14.00 and the 100 hourly simple moving average. However, it failed to hold gains above $14.00 and moved lower. It cleared the 100 hourly simple moving average and currently trading below $13.90. At the moment, there is a descending channel pattern forming with resistance at $13.88.

Ethereum Classic Price Technical Analysis ETC USD

A break above the channel resistance at $13.88 and the 100 hourly simple moving average is needed for more gains. Having said that, a proper close above $14.00 would be perfect for a bullish ride. On the downside, the $13.40 level is a good support. The most important support sits at $13.00.

Hourly MACD – The MACD might move back in the bullish zone.

Hourly RSI – The RSI is currently below the 50 level and heading higher.

Major Support Level – $13.00

Major Resistance Level – $14.00

 

Charts courtesy – Trading View, Kraken

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.


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