Ethereum Classic Price Technical Analysis ETC USD

ETH Classic Price Tech Analysis – ETC/USD Consolidates Above $11.60

Avatar Aayush Jindal 2 years ago

Key Highlights

  • Ethereum classic price is trading in a range above the $11.60 support area against the US Dollar.
  • There is a major descending channel pattern forming with resistance at $12.20 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair might correct higher, but upsides are likely to be capped by $12.10-12.20.

Ethereum classic price is consolidating against the US Dollar and Bitcoin. ETC/USD needs to settle above $12.20 in order to challenge the $12.80 resistance.

Ethereum Classic Price Support

There was a slow and steady decline in ETC price towards the $11.60 support against the US Dollar. The price traded as low as $11.56 before finding bids. It started an upside move and traded above the 23.6% Fib retracement level of the last decline from the $12.40 high to $11.56 low. However, the upside move is likely to face sellers near the $12.00 handle.

The 100 hourly simple moving average is at $12.00 along with the 50% Fib retracement level of the last decline from the $12.40 high to $11.56 low. It won’t be easy for buyers to push the price above $12.00. Above $12.00, there is a major descending channel pattern forming with resistance at $12.20 on the hourly chart of the ETC/USD pair. Therefore, upsides are likely to be capped by the $12.20 resistance area.

Ethereum Classic Price Technical Analysis ETC USD

As long as the price is below $12.20, there are chances of more declines toward $11.50-40. Above $12.20, the doors would open for a test of the next important resistance at $12.80. The overall trend is neutral at the moment with support near $11.50. There can be more ranging moves and traders may look to sell toward $12.20 in the short term.

Hourly MACD – The MACD is attempting to move back in the bullish zone.

Hourly RSI – The RSI is currently moving toward the 50 level.

Major Support Level – $11.50

Major Resistance Level – $12.20

 

Charts courtesy – Trading View, Kraken

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