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technical analysis ethereum classic
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Ethereum Classic Price Analysis: ETC/USD Eyes Upside Break above $13

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

Key Highlights

  • Ethereum classic price formed a support base near $12.00 and moved higher against the US dollar.
  • There was a break above a contracting triangle with resistance at $12.58 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair has moved into a bullish zone and it could continue to move higher towards $13.00 and $13.50.

Ethereum classic price is gaining traction against the US Dollar and Bitcoin. ETC/USD is placed nicely above $12.50 for more gains in the near term.

Ethereum Classic Price Support

After trading as low as $11.88, ETC price started an upside move against the US dollar. The ETC/USD pair traded above the $12.00 and $12.20 resistance levels. The price also traded above the 23.6% Fib retracement level of the last slide from the $13.47 high to $11.88 low. However, the upside move was capped by the $12.70 level and the price dropped back towards the $12.00-12.20 support.

Later, the price formed a support base near $12.00 and moved higher. It settled above the $12.50 resistance and the 100 hourly simple moving average. Moreover, there was a break above a contracting triangle with resistance at $12.58 on the hourly chart of the ETC/USD pair. The pair is currently trading near the 50% Fib retracement level of the last slide from the $13.47 high to $11.88 low. Once there is a proper close above the $12.75 and $12.80 levels, the price is likely to accelerate above the $13.00 level. If ETC buyers gain control, the price may well break the $13.10 resistance and revisit the $13.40 zone.

Ethereum Classic Price Analysis ETC USD

The chart suggests that ETC price could dip a few points, but the broken triangle near $12.60 is likely to hold declines. Below this, the next major support is near $12.50 and the 100 hourly SMA.

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

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

Major Support Level – $12.50

Major Resistance Level – $13.00

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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