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Home Technical analysis

Ethereum Classic Price Technical Analysis – ETC/USD Under Pressure

Aayush Jindal by Aayush Jindal
3 years ago
in Technical analysis
Reading Time: 2min read
technical analysis ethereum classic
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Key Highlights

  • Ethereum classic price started a fresh decline from the $23.00 swing high against the US dollar.
  • There was a break below a key bullish trend line with support at $20.40 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair is currently trading below $20.00 and it is at risk of more declines in the near term.

Ethereum classic price is under pressure against the US Dollar and Bitcoin. ETC/USD may consolidate in the short term before surpassing $20.00.

Ethereum Classic Price Resistance

After a nice upside move, ETC price failed to test and break the $23.00 resistance against the US dollar. The ETC/USD pair formed a top at $22.90 and started a downside move. It declined and surpassed a few important supports such as $21.00 and $20.50. More importantly, there was a break and close below the $20.00 support and the 100 hourly simple moving average.

During the drop, there was a break below a key bullish trend line with support at $20.40 on the hourly chart of the ETC/USD pair. The pair traded as low as $18.13 before buyers appeared. It started an upside recovery and tested the 23.6% Fib retracement level of the last decline from the $22.90 high to $18.13 low. However, there is a bearish trend line with current resistance at $19.15, which is acting as a hurdle. Above $19.15, the $20.00 level is a crucial hurdle along with the 100 hourly SMA. Above $20.00, the price may test the 50% Fib retracement level of the last decline from the $22.90 high to $18.13 low.

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Ethereum Classic Price Technical Analysis ETC USD

The chart indicates that the pair may consolidate above $18.00 for some before moving higher. Having said that, a break above the $20.00 and $20.50 resistance levels won’t be easy.

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

Hourly RSI – The RSI for ETC/USD is moving higher towards the 50 level.

Major Support Level – $18.20

Major Resistance Level – $20.00

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 with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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