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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

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

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:19 pm
2 mins read
Ethereum Classic Price Technical Analysis ETC USD

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Key Highlights

  • Ethereum classic price is slowly moving higher and is currently trading above $15.60 against the US Dollar.
  • There is a new bullish trend line forming with support at $15.65 on the hourly chart of ETC/USD (Data feed via Kraken).
  • As long as the price is above $15.00, it might attempt an upside break above $16.60.

Ethereum classic price is stable and avoiding losses against the US Dollar and Bitcoin. ETC/USD needs to pierce the $16.60 level to gain further towards $18.00.

Ethereum Classic Price Trend

There were no major gains in ETC price as it remained below the $16.60 resistance against the US Dollar. The price is gaining pace and currently trading above the $15.60 support zone. It recently tested the $16.50 level where it faced sellers and corrected lower. It traded below the 50% Fib retracement level of the last wave from the $15.00 low to $16.50 high.

However, the downside move was prevented by the $15.50 support along with the 100 hourly simple moving average. Moreover, the 61.8% Fib retracement level of the last wave from the $15.00 low to $16.50 high also helped in protected declines. Currently, there is a new bullish trend line forming with support at $15.65 on the hourly chart of ETC/USD. The trend line is positioned with the 100 hourly simple moving average at $15.70.

Ethereum Classic Price Technical Analysis ETC USD

Therefore, as long as the price is above the $15.60-70 support and the 100 hourly simple moving average, it may trade higher. On the upside, it has to clear the $16.60 resistance zone. Only a proper close above $16.60 could take the price towards $17.00 or even $18.00. Buying dips in the short term with a stop pf $15.00 can be considered.

Hourly MACD – The MACD is almost flat, showing no signs of an upside break.

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

Major Support Level – $15.60

Major Resistance Level – $16.60

 

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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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