Ethereum Classic Price Technical Analysis – ETC/USD Facing Key Resistance

Ethereum Classic Price Technical Analysis ETC USD

Key Highlights

  • Ethereum classic price declined sharply before forming a short-term low at $22.05 against the US dollar.
  • There is a crucial bearish trend line forming with resistance at $34.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair is currently recovering, but it is facing a major resistance near the $32.00 area.

Ethereum classic price recovered recently after a major decline against the US Dollar and Bitcoin. ETC/USD is correcting higher, but it is finding offers around $32.00.

Ethereum Classic Price Upside Hurdles

There were continuous declines in ETC price as it moved below the $30.00 support against the US dollar. The price even broke the $25.00 support and traded toward the $22.00 level. A low was formed at $22.05 from where an upside correction was initiated. It has moved above the 23.6% Fib retracement level of the last decline from the $47.29 high to $22.05 low.

However, there are many resistances on the upside starting with $31.60. The 38.2% Fib retracement level of the last decline from the $47.29 high to $22.05 low is at $31.60 to prevent upsides. Moreover, there is a crucial bearish trend line forming with resistance at $34.00 on the hourly chart of the ETC/USD pair. Above the trend line resistance, the 100 hourly simple moving average is around $36.00. An intermediate resistance is the 50% Fib retracement level of the last decline from the $47.29 high to $22.05 low.

Ethereum Classic Price Technical Analysis ETC USD

Therefore, there are clear hurdles near $32.00 and $34.00. It won’t be easy for buyers to break both levels and move above $35.00 in the near term. On the downside, an initial support is at $25.00, followed by the last swing low of $22.00.

Hourly MACD – The MACD for ETC/USD is slowly moving back in the bearish zone.

Hourly RSI – The RSI for ETC/USD is moving down towards the 50 level.

Major Support Level – $25.00

Major Resistance Level – $34.00

 

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 markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.


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