Analysis Technical

Ethereum Classic Price Technical Analysis – ETC/USD Remains in Uptrend

Aayush Jindal | May 3, 2018 | 8:00 am
technical analysis ethereum classic
Analysis

Ethereum Classic Price Technical Analysis – ETC/USD Remains in Uptrend

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

Key Highlights

  • Ethereum classic price is placed nicely above the $21.00 support level against the US dollar.
  • There is a key connecting bullish trend line forming with support at $21.10 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair is trading above the 100 hourly simple moving average and it could trade above $22.50.

Ethereum classic price is in an uptrend against the US Dollar and Bitcoin. ETC/USD could continue to move higher towards $22.50 and $23.00 in the near term.

Ethereum Classic Price Trend

There were multiple attempts by sellers to push ETC price below $20.00 against the US dollar. The ETC/USD pair held the ground above $20.00 and started an upside move. It moved above the 23.6% Fib retracement level of the last decline from the $22.90 high to $20.44 low. More importantly, there was a break above a short-term bearish trend line with resistance at $21.00.

The upside move was strong as the price moved above the $21.50 resistance and the 100 hourly simple moving average. It is currently trading near the 61.8% Fib retracement level of the last decline from the $22.90 high to $20.44 low. A break above the $22.40 and $22.50 resistance levels is needed for more gains. The next stop for buyers in the mentioned case could be $23.00. A successful push above the $23.00 level may open the gates for a run towards the $25.00 level.

Ethereum Classic Price Technical Analysis ETC USD

The chart indicates that the price remains well supported on the downside above $21.00. There is also a key connecting bullish trend line forming with support at $21.10 on the hourly chart of the ETC/USD pair. Therefore, if the price corrects lower, it may perhaps find bids near the 100 hourly SMA and $21.10.

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

Hourly RSI – The RSI for ETC/USD is currently placed nicely above the 50 level.

Major Support Level – $21.10

Major Resistance Level – $22.50

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