Analysis Technical

Ethereum Classic Technical Analysis – ETC/USD Grinding Higher

Aayush Jindal | February 8, 2018 | 8:00 am
Ethereum Classic Price Technical Analysis ETC USD
Analysis

Ethereum Classic Technical Analysis – ETC/USD Grinding Higher

Aayush Jindal | February 8, 2018 | 8:00 am

Key Highlights

  • Ethereum classic price formed a major low at $13.54 and is currently moving higher against the US dollar.
  • There was a break above a major bearish trend line with resistance at $17.80 on the hourly chart of the ETC/USD pair (Data feed via Simple FX).
  • The pair is currently grinding higher and it could move above the $20.00 level in the near term.

Ethereum classic price is slowly and steadily moving higher against the US Dollar and Bitcoin. ETC/USD may soon gain traction for more upsides above $20.00.

Ethereum Classic Price Trend

Recently, we saw a major decline in ETC price below the $20.00 support against the US dollar. The price traded below the $18.00 and $16.00 support levels. It even traded below the $15.00 support, but found bids near the $13.50 level. A low was formed at $13.54 from where an upside correction was initiated. It moved above the 38.2% Fib retracement level of the last decline from the $24.30 high to $13.54 low.

Moreover, there was a break above a major bearish trend line with resistance at $17.80 on the hourly chart of the ETC/USD pair. The pair traded above the $18.50 resistance and tested the 100 hourly simple moving average. It seems like the $20.00 resistance and the 61.8% Fib retracement level of the last decline from the $24.30 high to $13.54 low is acting as a hurdle for more gains. The pair has to move above the $20.00 level and close above the 100 hourly SMA to rise further higher.

Ethereum Classic Price Technical Analysis ETC USD

On the downside, an initial support is around the $18.50 level. It seems like there is an ascending channel forming on the same chart and the pair could rise slowly higher above the $20.00 level.

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

Hourly RSI – The RSI for ETC/USD is currently just around the 50 level with a minor bearish angle.

Major Support Level – $18.00

Major Resistance Level – $20.00

 

Charts courtesy – SimpleFX

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