Analysis Technical

Ethereum Classic Price Analysis: ETC/USD Consolidating Above $17

Aayush Jindal | May 17, 2018 | 8:00 am
technical analysis ethereum classic
Analysis

Ethereum Classic Price Analysis: ETC/USD Consolidating Above $17

Aayush Jindal | May 17, 2018 | 8:00 am

Key Highlights

  • Ethereum classic price is holding a major support area near $16.80 against the US dollar.
  • There is a short-term ascending channel forming with support at $17.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair may climb higher in the near term as long as it stays above the $17.50 support area.

Ethereum classic price remains supported on dips against the US Dollar and Bitcoin. ETC/USD is likely to continue higher if the $17.50 and $17.00 support levels are intact.

Ethereum Classic Price Support

After a substantial decline, ETC price found buyers above the $16.50 level against the US dollar. The ETC/USD pair recently traded as low as $16.79 before it started an upside move. Buyers pushed the price above the $17.00 resistance level. Moreover, there was a break above the 23.6% Fib retracement level of the last drop from the $19.87 high to $16.79 low.

However, the upside move was capped by the $18.35 level and the 100 hourly simple moving average. There is also a short-term ascending channel forming with support at $17.50 on the hourly chart of the ETC/USD pair. The ascending channel pattern seems to be a replica of a previous pattern, which paved way for losses below $17.00. The current pattern may produce more gains if the price remains above $17.00. Buyers need to push the price above $18.35 and the 50% Fib retracement level of the last drop from the $19.87 high to $16.79 low.

Ethereum Classic Price Analysis ETC USD

The chart suggests that the price may slowly move higher towards $19.00. Once there is a proper close above the 100 hourly SMA, the price may accelerate gains towards the last swing high of $19.87. Above this, the next major hurdle for buyers is near $20.00.

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

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

Major Support Level – $17.00

Major Resistance Level – $18.40

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!