Analysis Technical

Ethereum Classic Price Analysis: ETC/USD Could Revisit $12

Aayush Jindal | October 2, 2018 | 8:30 am
technical analysis ethereum classic
Analysis

Ethereum Classic Price Analysis: ETC/USD Could Revisit $12

Aayush Jindal | October 2, 2018 | 8:30 am

Key Highlights

  • Ethereum classic price is consolidating above the $10.80 support level against the US dollar.
  • There is a key bearish trend line formed with resistance at $11.35 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair is likely to break the trend line to test the $11.80 and $12.00 resistances in the near term.

Ethereum classic price is holding the positive bias against the US Dollar and Bitcoin. ETC/USD could slowly move towards the all-important $12.00 resistance.

Ethereum Classic Price Analysis

After trading as low as $10.40, ETC price started an upward move against the US dollar. The ETC/USD pair settled above the $10.80 support area and formed an intermediate low at $10.78. Later, it traded above the $11.00 and $11.20 resistance levels. However, the price failed to clear the $11.55 resistance and declined towards the $11.00 level. Buyers appeared near $11.00 and pushed the price above the 50% Fib retracement level of the recent decline from the $11.57 high to $10.96 low.

However, it seems like the price is struggling to settle above the $10.40 level and the 100 hourly simple moving average. There is also a key bearish trend line formed with resistance at $11.35 on the hourly chart of the ETC/USD pair. Above the trend line, the 61.8% Fib retracement level of the recent decline from the $11.57 high to $10.96 low is at $11.34. Therefore, buyers need to clear the $11.35 resistance to gain momentum in the near term. Above this, the price is likely to break the $11.57 high. The next targets for buyers could be $11.80 and $12.00.

Ethereum Classic Price Analysis ETC Chart

The chart suggests that ETC price is preparing for the next move above $11.35. On the flip side, if there is a downside break, the $11.00 and $10.80 supports are likely to prevent losses.

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

Hourly RSI – The RSI for ETC/USD is currently above the 55 level.

Major Support Level – $10.80

Major Resistance Level – $11.35

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