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technical analysis ethereum classic
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Ethereum Classic Price Analysis: ETC/USD Could Rebound From $12.75

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

Key Highlights

  • Ethereum classic price formed a high at $13.37 and declined below $13.00 against the US dollar.
  • There is a major bullish trend line in place with support at $12.75 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair could bounce back after testing the $12.75 support and the 100 hourly simple moving average.

Ethereum classic price is correcting lower against the US Dollar and Bitcoin. ETC/USD must hold the $12.75 support to resume its upside move in the near term.

Ethereum Classic Price Trend

During the past two days, there was a steady rise from the $12.10 support in ETC price against the US dollar. The ETC/USD pair climbed higher and broke the $12.50, $12.75 and $13.00 resistance levels. It traded close to the $13.40 level and formed a short-term top at $13.37. Later, there was a downside correction and the price moved below $13.00. The price also moved below the 23.6% Fib retracement level of the last wave from the $12.27 low to $13.37 high.

However, the price is now approaching a crucial support near the $12.75-12.80 area. There is also a major bullish trend line in place with support at $12.75 on the hourly chart of the ETC/USD pair. The 50% Fib retracement level of the last wave from the $12.27 low to $13.37 high is also above the trend line support. Moreover, the 100 hourly SMA is positioned at $12.70 to act as a support. Therefore, if the price continues to move down, it is likely to find support near $12.70 and $12.75. Below these, it could move back towards $12.10.

Ethereum Classic Price Analysis ETC USD

The chart suggests that ETC price remains supported near $12.75 and the 100 hourly SMA. On the upside, an initial resistance is near $13.00 followed by a bearish trend line at $13.10.

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

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

Major Support Level – $12.75

Major Resistance Level – $13.10

Tags: ETCETC to USDethereumEthereum ClassicEthereum Classic PriceEthereum Classic Price Technical AnalysisOpinionpricetrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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