Analysis Technical

Ethereum Classic Price Technical Analysis – Can ETC/USD Break $15?

Aayush Jindal | April 3, 2018 | 8:00 am
Ethereum Classic Price Technical Analysis ETC USD
Analysis

Ethereum Classic Price Technical Analysis – Can ETC/USD Break $15?

Aayush Jindal | April 3, 2018 | 8:00 am

Key Highlights

  • Ethereum classic price started a nice upside reaction after trading as low as $13.02 against the US dollar.
  • There was a break above a key bearish trend line with resistance at $14.20 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair is gaining momentum, but it is currently facing a major hurdle near $15.00.

Ethereum classic price started an upside correction against the US Dollar and Bitcoin. ETC/USD must clear the $15.00 resistance for more gains.

Ethereum Classic Price Resistance

There were further losses this past week from $16.00 in ETC price against the US dollar. The ETC/USD pair traded lower and even failed to hold the $15.00 support. It traded towards the $13.00 handle and formed a low at $13.02. Later, the price formed a support base and started an upside move from $13.02. It traded higher and broke the 23.6% Fib retracement level of the last drop from the $17.15 high to $13.02 low.

More importantly, there was a break above a key bearish trend line with resistance at $14.20 on the hourly chart of the ETC/USD pair. The pair is now placed nicely above the $14.00 level and the 100 hourly simple moving average. However, it is facing a major hurdle near the $15.00 level. The stated $15.00 level was a support earlier and now it is stopping upsides. It also coincides with the 50% Fib retracement level of the last drop from the $17.15 high to $13.02 low.

Ethereum Classic Price Technical Analysis ETC USD

Therefore, a break and close above the $15.00 level is must for more gains in the near term. On the downside, the broken support near the $14.00 level may act as a support along with the 100 hourly SMA.

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

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

Major Support Level – $14.00

Major Resistance Level – $15.00

 

Charts courtesy – Trading View

Tags: , , , , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!