Analysis Technical

Ethereum Classic Price Analysis: ETC/USD Could Gain Pace Above $5.00

Aayush Jindal | November 29, 2018 | 8:28 am
technical analysis ethereum classic
Analysis

Ethereum Classic Price Analysis: ETC/USD Could Gain Pace Above $5.00

Aayush Jindal | November 29, 2018 | 8:28 am

Key Highlights

  • Ethereum classic price recovered recently and tested the $5.00 resistance against the US dollar.
  • There was a break above a crucial bearish trend line with resistance at $4.45 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair is currently correcting lower, but it could bounce back and clear the $5.00 barrier.

Ethereum classic price is slowly moving higher against the US Dollar and Bitcoin. ETC/USD must settle above $5.00 to stage a decent recovery in the coming days.

Ethereum Classic Price Analysis

After a massive drop, ETC price found support near the $4.00 area against the US dollar. The ETC/USD pair formed a solid base above the $4.00 level and later started a recovery. It moved higher and broke the $4.40 and $4.60 resistance levels. During the rise, there was a close above the $4.60 resistance and the 100 hourly simple moving average.

Moreover, there was a break above a crucial bearish trend line with resistance at $4.45 on the hourly chart of the ETC/USD pair. The pair tested the $5.00 resistance and formed a high at $5.07. Later, it started a downside correction and traded below $5.00 and $4.90. The price even broke the 23.6% Fib retracement level of the recent wave from the $4.09 low to $5.07 high. On the downside, there are a few key supports near the $4.60 and $4.50 levels. The 50% Fib retracement level of the recent wave from the $4.09 low to $5.07 high is also near $4.58. Finally, the 100 hourly SMA is positioned near the $4.50 level. Therefore, dips from the current levels will most likely find support near $4.60, $4.60 or $4.40.

Ethereum Classic Price Analysis ETC Chart

The chart suggests that ETC price seems to be following a bullish path above $4.50. A successful daily close above $5.00 could open the doors for more gains.

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

Hourly RSI – The RSI for ETC/USD is still above the 50 level.

Major Support Level – $4.50

Major Resistance Level – $5.00

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