Etherum analysis

Ethereum Classic Price Technical Analysis

Avatar Aayush Jindal 2 years ago

Key Highlights

  • Ethereum classic price traded above the $15.00 handle recently against the US Dollar before starting a correction.
  • There is a major bullish trend line forming with support at $13.25 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The ETC/USD pair might continue to move higher and remains buy on dips toward $13.00.

Ethereum classic price remains in an uptrend against the US Dollar and Bitcoin. ETC/USD might break $14.50 again to retest $15.00.

Ethereum Classic Price Support

It was a good week so far for ETC price as it moved above the $15.00 handle against the US Dollar. The price traded as high as $15.26 from where a correction wave was initiated. It moved down and traded below the 38.2% Fib retracement level of the last wave from the $11.40 low to $15.26 high. However, the downside move was limited and contained by the $13.30 support area.

The 50% Fib retracement level of the last wave from the $11.40 low to $15.26 high acted as a major support and prevented declines. Moreover, there is a major bullish trend line forming with support at $13.25 on the hourly chart of the ETC/USD pair. On the downside, the 100 hourly simple moving average is intact at $13.24 to act as a major support zone. As long as the price is above $13.00 and the 100 hourly SMA, it could resume its uptrend.

Ethereum Classic Price Technical Analysis ETC USD

On the upside, ETC price has to break a bearish trend line at $14.40. A close above $14.40-14.50 would open the doors for buyers to retest $15.00 or even $15.25. On the flip side, the $13.25-30 levels remain a crucial support region in the short term.

Hourly MACD – The MACD for ETC/USD is moving nicely in the bullish zone.

Hourly RSI – The RSI for ETC/USD is currently above the 50 level and moving higher.

Major Support Level – $13.25

Major Resistance Level – $14.50

 

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...

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