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Ethereum Classic Price Technical Analysis 2017-09-08

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

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Key Highlights

  • Ethereum classic price is correcting lower from the $19.50-60 levels against the US Dollar.
  • There is a new connecting bearish trend line forming with resistance at $18.60 on the hourly chart of ETC/USD (Data feed via Kraken).
  • The pair could decline towards the $18.00-17.50 levels before moving up once again.

Ethereum classic price is correcting lower against the US Dollar and Bitcoin. ETC/USD might retest $18.00 before moving back higher.

Ethereum Classic Price Correction

This week, ETC price started a decent recovery and moved above the $17.50 level against the US Dollar. The price followed a decent upside momentum and traded as high as $19.69. It seems like the price struggled to break the 38.2% Fib retracement level of the last drop from the $24.05 high to $16.21 low. As a result, there is a new tiny correction wave initiated. The price has slowly moved down below the 23.6% Fib retracement level of the last wave from the $16.21 low to $19.69 high.

The price is now approaching the $18.00 support, which is just below the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last wave from the $16.21 low to $19.69 high is at $17.99. Therefore, if the price continue to move down, it could find support near $18.00. On the upside, there is a new connecting bearish trend line forming with resistance at $18.60 on the hourly chart of ETC/USD.

Ethereum Classic Price Technical Analysis ETH USD

A break above the trend line resistance at $18.60 would open the doors for a retest of $20.00. The overall bias is still positive as long as the price is above $18.00-17.50. Buying dips near $18.00 can be considered, but with a very low risk and tight stop.

Hourly MACD – The MACD has slightly moved in the bearish zone.

Hourly RSI – The RSI has moved below the 50 level.

Major Support Level – $18.00

Major Resistance Level – $18.60

 

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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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