Analysis Technical

Ethereum Classic Price Analysis: Can ETC/USD Gain Traction?

Aayush Jindal | May 31, 2018 | 8:00 am
technical analysis ethereum classic
Analysis

Ethereum Classic Price Analysis: Can ETC/USD Gain Traction?

Aayush Jindal | May 31, 2018 | 8:00 am

Key Highlights

  • Ethereum classic price remained in a range above the $14.50 support area against the US dollar.
  • There is a key bearish trend line forming with resistance at $15.40 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair has to move above the $15.40 and $15.75 resistance levels to gain upside momentum.

Ethereum classic price is in a positive zone against the US Dollar and Bitcoin. ETC/USD must stay above the $14.50 level to gain traction in the near term.

Ethereum Classic Price Support

The past few sessions were mostly choppy since ETC price failed to move past the $15.40-50 resistance area against the US dollar. The ETC/USD pair recently tested the $15.60 level, but it failed to hold gains and moved down. It declined and traded below the 38.2% Fib retracement level of the last wave from the $14.17 low to $15.59 high.

It even moved below the $15.00 handle and the 100 hourly simple moving average. However, the downside move was protected by the 61.8% Fib retracement level of the last wave from the $14.17 low to $15.59 high. As a result, a fresh upward move initiated and the price moved back above $15.00 and the 100 hourly SMA. However, the upside move is still capped by the $15.40 and $15.50 resistance levels. There is also a key bearish trend line forming with resistance at $15.40 on the hourly chart of the ETC/USD pair.

Ethereum Classic Price Analysis ETC USD

The chart suggests that the price may soon make an attempt to move above the $15.40 hurdle. Above this, the price may retest the next major barrier at $15.75. Finally, a successful break above $15.75 may open the doors for more gains in ETC in the near term.

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

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

Major Support Level – $14.70

Major Resistance Level – $15.40

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