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Ethereum Classic Price Technical Analysis ETC USD
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Ethereum Classic Price Technical Analysis 2017-09-04

Aayush Jindal by Aayush Jindal
6 years ago
in Cryptocurrency Market News, Technical analysis
Reading Time: 2 mins read

Key Highlights

  • Ethereum classic price after a nasty upside move towards $24.00 against the US Dollar started a downside move.
  • There is a major bullish trend line forming with support at $19.00 on the hourly chart of ETC/USD (Data feed via Kraken).
  • The 100 hourly simple moving average is also near $19.10 to act as a strong barrier for sellers.

Ethereum classic price is correcting lower against the US Dollar and Bitcoin, and ETC/USD is currently testing an important support above $19.00.

Ethereum Classic Price Support

This past week, there was a sharp rise in ETC price towards $24.00 against the US Dollar. The price broke the $20.00 and $22.00 resistance levels to trade close to the $24.00 level. It traded as high as $24.01 before facing sellers and starting a downside correction. The price corrected lower and moved below the 23.6% Fib retracement level of the last wave from the $15.08 low to $24.01 high.

However, the downside correction was strong and the price declined below $21.00. There was even a break below the 50% Fib retracement level of the last wave from the $15.08 low to $24.01 high. On the downside, there is a major bullish trend line forming with support at $19.00 on the hourly chart of ETC/USD. The trend line support near $19.00 holds a lot of importance since the 100 hourly simple moving average is also near it.

Ethereum Classic Price Technical Analysis ETC USD

Moreover, the 61.8% Fib retracement level of the last wave from the $15.08 low to $24.01 high is near $18.48. Therefore, we can say that there are many important supports on the downside near $19.00-18.50. As long as the price is above the trend line support at $19.00, it might resume its uptrend.

Hourly MACD – The MACD is slightly placed in the bullish zone.

Hourly RSI – The RSI is currently below the 50 level and heading lower.

Major Support Level – $19.00

Major Resistance Level – $21.00

 

Charts courtesy – Trading View, Kraken

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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