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Ethereum Classic Price Technical Analysis 2017-09-06

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 declined sharply towards the $16.20 support against the US Dollar before finding support.
  • There is a major bearish trend line forming with resistance at $18.80 on the hourly chart of ETC/USD (Data feed via Kraken).
  • The pair needs to break the $18.80-19.00 resistance for further upsides in the near term.

Ethereum classic price is recovering after the recent slide against the US Dollar and Bitcoin. Let’s see if ETC/USD can break $19.00 or not in the near term.

Ethereum Classic Price Resistance

Similar to BCH, BTC and ETH, there was a sharp decline in ETC price towards $16.00 against the US Dollar. The price traded as low as $16.24 where it formed a decent support. After forming support, the price started recovering above $17.00. First, it broke the 23.6% Fib retracement level of the last decline from the $24.00 high to $16.24 low. It cleared the way for more gains above $17.00 in the near term.

Later, there was a break above a major bearish trend line with resistance at $17.50 on the hourly chart of ETC/USD. At the moment, the pair is approaching another bearish trend line with resistance at $18.80 on the same chart. The $18.80 resistance is very important since the 100 hourly simple moving average is near the stated level. Moreover, the 38.2% Fib retracement level of the last decline from the $24.00 high to $16.24 low is also near $19.20. Therefore, it won’t be easy for buyers to crack the $18.80-19.00 resistance in the short term.

Ethereum Classic Price Technical Analysis ETC USD

Once there is a break, the price could test the 50% Fib retracement level of the last decline from the $24.00 high to $16.24 low at $20.10.

Hourly MACD – The MACD has moved back in the bullish zone.

Hourly RSI – The RSI is moving sharply higher towards the overbought levels.

Major Support Level – $17.50

Major Resistance Level – $18.80

 

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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Reason to trust

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Created by industry experts and meticulously reviewed
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