Ethereum Classic Price Technical Analysis – ETC/USD Remains Supported

Ethereum Classic Price Technical Analysis ETC USD

Key Highlights

  • Ethereum classic price after a minor decline found support near $13.60 against the US Dollar.
  • There is a key ascending channel pattern with support at $14.00 forming on the hourly chart of ETC/USD (Data feed via Kraken).
  • The price is also positioned well above the $14.00 support and the 100 hourly simple moving average.

Ethereum classic price is attempting an upside move against the US Dollar and Bitcoin. ETC/USD has to break $15.00 level to gain momentum.

Ethereum Classic Price Resistance

In the last analysis, we discussed the importance of $13.50 support for ETC price against the US Dollar. The price recently dipped towards $13.50 and found support at $13.60. It also failed to stay below the $13.60 level and the 100 hourly simple moving average. As a result, there was a rejection and the price moved back above the $14.00 level. It broke the 23.6% Fib retracement level of the last decline from the $15.50 high to $13.60 low.

It seems like there is a key ascending channel pattern with support at $14.00 forming on the hourly chart of ETC/USD. It might play a major role for further gains above $15.00 in the near term. At the moment, the price is struggling to settle above the 50% Fib retracement level of the last decline from the $15.50 high to $13.60 low. Moreover, there is a short-term ascending channel with support at $14.40 forming.

Ethereum Classic Price Technical Analysis ETC USD

It would be interesting to see how ETC price traded in the near term above $14.00. In order for more upsides, buyers have to take the price above $15.00. An intermediate resistance is around the 61.8% Fib retracement level of the last decline from the $15.50 high to $13.60 low at $14.77.

Hourly MACD – The MACD is currently moving in the bullish zone.

Hourly RSI – The RSI is well above the 50 level.

Major Support Level – $14.00

Major Resistance Level – $15.00

 

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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