Analysis Technical

Ethereum Classic Price Analysis: ETC/USD Consolidating Near $15

Aayush Jindal | May 24, 2018 | 8:00 am
technical analysis ethereum classic
Analysis

Ethereum Classic Price Analysis: ETC/USD Consolidating Near $15

Aayush Jindal | May 24, 2018 | 8:00 am

Key Highlights

  • Ethereum classic price declined and traded close to the $14.20 support level against the US dollar.
  • There is a major bearish trend line forming with resistance at $15.80 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair is currently correcting higher towards the $15.50 and $15.80 resistance levels.

Ethereum classic price moved into a negative zone against the US Dollar and Bitcoin. ETC/USD is correcting higher, but upsides are likely to be capped by $15.80-16.00.

Ethereum Classic Price Resistance

This week, there were mostly bearish moves in ETC price from the $18.00 level against the US dollar. The ETC/USD pair declined sharply and moved below the $17.00 and $16.00 support levels. The decline was such that the price even broke the $15.00 support zone. It traded close to the $14.20 support level before buyers appeared. A low was formed near $14.40 before it started an upside correction.

ETC price climbed above the $15.00 level and also moved above the 38.2% Fib retracement level of the last drop from the $16.18 high to $14.44 low. However, the current correction wave is facing a lot of hurdles near the $15.50 level. There is also a major bearish trend line forming with resistance at $15.80 on the hourly chart of the ETC/USD pair. Moreover, the 61.8% Fib retracement level of the last drop from the $16.18 high to $14.44 low is acting as a resistance near $15.50. Therefore, it seems like the current correction wave is likely to face hurdles near the $15.60-15.80 zone.

Ethereum Classic Price Analysis ETC USD

The chart suggests that the price is showing signs of a recovery. However, a proper close above $16.00 is needed for buyers to take control. On the downside, the $15.00 and $14.50 levels are important supports.

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

Hourly RSI – The RSI for ETC/USD is moving higher and is approaching the 50 level.

Major Support Level – $15.00

Major Resistance Level – $15.80

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