Ethereum classic

Ethereum Classic Price Technical Analysis

Avatar Aayush Jindal 2 years ago

Key Highlights

  • Ethereum classic price is in a slow and steady uptrend above the $14.50 level against the US Dollar.
  • This week’s highlighted major bullish trend line with current support at $14.40 is intact on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair might continue to move higher and it will most likely break the $15.20 resistance.

Ethereum classic price is slowly moving higher against the US Dollar and Bitcoin. ETC/USD might soon break $15.20 for more gains.

Ethereum Classic Price Trend

This week, we saw an upside break above $13.00 in ETC price against the US Dollar. The price was even able to break the $14.00 and $14.50 resistance levels. A new high was formed above the $15.00 handle before the price started a downside correction. It traded sharply lower and moved below the $14.00 handle. However, the downside move was limited by the $13.20 support area.

ETC price is now again moving higher and is trading above the 50% Fib retracement level of the last decline from the $15.16 high to $13.20 low. The best part is the fact that this week’s highlighted major bullish trend line with current support at $14.40 is intact on the hourly chart of the ETC/USD pair. The pair is placed well above $14.50 and the 100 hourly simple moving average, which are positive signs. As long as the pair is above $14.00, it is likely to move back above $15.00.

Ethereum Classic Price Technical Analysis ETC USD

It could even break $15.15 and $15.20 for more gains toward $15.50 in the near term. Later, the price might trade towards the $16.00 handle during the coming days. Therefore, the overall trend is positive above the $14.40 support in the short term.

Hourly MACD – The MACD for ETC/USD is placed well in the bullish zone.

Hourly RSI – The RSI for ETC/USD is currently well above the 60 level.

Major Support Level – $14.40

Major Resistance Level – $15.20

 

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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