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Ethereum Classic Price Technical Analysis – ETC/USD Back Bullish 2017-09-01

Aayush Jindal
Aayush Jindal
7 years ago
2 mins read
Ethereum Classic Price Technical Analysis ETC USD

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Key Highlights

  • Ethereum classic price finally broke the $16.60 resistance against the US Dollar.
  • There is a major connecting bullish trend line forming with support at $16.60 on the hourly chart of ETC/USD (Data feed via Kraken).
  • The broken resistance at $16.60 is now likely to act as a strong support for buyers in the near term.

Ethereum classic price climbed back in the bullish zone against the US Dollar and Bitcoin. ETC/USD tested $17.50 and remains supported on the downside.

Ethereum Classic Price Support

For a few days we saw ranging moves above $15.00 in ETC price against the US Dollar. The price finally made a nice upside move and cleared a major resistance near the $16.60 level. The upside move was such that the price even broke the $17.00 handle and traded as high as $17.46. At the moment, the price is correcting lower and testing the 23.6% Fib retracement level of the last wave from the $15.05 low to $17.46 high.

On the downside, there is a major connecting bullish trend line forming with support at $16.60 on the hourly chart of ETC/USD. The same trend line is positioned near the previous resistance at $16.60, which is likely to serve as a support in the short term. Moreover, the 38.2% Fib retracement level of the last wave from the $15.05 low to $17.46 high is at $16.52.

Ethereum Classic Price Technical Analysis ETC USD

Therefore, we can say that ETC price remains supported on the downside near $16.60-16.50. As long as the price stays above $16.50, it is likely to resume its uptrend. On the upside, a break above $17.50 would push ETC towards the $18.00 handle. However, the most important hurdle remains at $20.00.

Hourly MACD – The MACD is back in the bullish zone and showing positive signs.

Hourly RSI – The RSI is retreating from the overbought levels.

Major Support Level – $16.60

Major Resistance Level – $17.50

 

Charts courtesy – Trading View, Kraken

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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