Analysis Technical

Ethereum Classic Price Analysis: ETC/USD’s Dips Remain Supported

Aayush Jindal | September 4, 2018 | 8:30 am
technical analysis ethereum classic
Analysis

Ethereum Classic Price Analysis: ETC/USD’s Dips Remain Supported

Aayush Jindal | September 4, 2018 | 8:30 am

Key Highlights

  • Ethereum classic price surged higher this week and traded above $14.00 against the US dollar.
  • There is a crucial bullish trend line formed with support at $13.55 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair is currently testing a major support area near $15.50 and it could bounce back.

Ethereum classic price climbed higher recently against the US Dollar and Bitcoin. ETC/USD is currently correcting lower, but dips remain supported above $13.50.

Ethereum Classic Price Support

During the past few sessions, there was a solid rise in ETC price from the $12.40 low against the US dollar. The ETC/USD pair surged higher and broke the $13.00 and $13.80 resistance levels. There was even a break above the $14.00 level and the price traded as high as $14.53. Later, the price started a downside correction and traded below the $14.00 level.

There was also a break below the 50% Fib retracement level of the last leg from the $13.01 low to $14.53 high. However, declines were well protected near the $13.50 level, which acted as a support earlier as well. Additionally, the 61.8% Fib retracement level of the last leg from the $13.01 low to $14.53 high stopped declines. More importantly, there is a crucial bullish trend line formed with support at $13.55 on the hourly chart of the ETC/USD pair. The pair is currently consolidating above the $13.50 support. As long as the price is above the trend line and the $13.50 support, it could resume its upside move.

Ethereum Classic Price Analysis ETC USD

The chart suggests that ETC price is placed nicely in an uptrend from the $12.40 low. If the $13.50 support holds, it could bounce back above the $14.00 level in the near term. If not, there is a risk of an extended correction towards the $13.20 level.

Hourly MACD – The MACD for ETC/USD is currently in the bearish zone.

Hourly RSI – The RSI for ETC/USD is currently below the 50 level.

Major Support Level – $13.50

Major Resistance Level – $14.20

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