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Home Cryptocurrency news

Ethereum Classic Price Technical Analysis

Aayush Jindal by Aayush Jindal
3 years ago
in Cryptocurrency news, Technical analysis
Reading Time: 2min read
Ethereum Classic Price Technical Analysis ETC USD
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Key Highlights

  • Ethereum classic price remains in the bullish zone above $12.00 against the US Dollar.
  • There is a major bullish trend line forming with support at $12.40 on the hourly chart of ETC/USD (Data feed via Kraken).
  • The pair needs to break the $13.00 resistance and the 100 hourly simple moving average to gain traction.

Ethereum classic price is stable against the US Dollar and Bitcoin. ETC/USD needs to break the $13.00 resistance to retest the $14.00 handle.

Ethereum Classic Price Resistance

It seems like ETC price remains in an uptrend above the $12.00 handle against the US Dollar. The price is following a nice bullish trajectory and recently tested the $14.00 handle. Later, it corrected lower towards the $12.20 support area and is currently slowly moving higher. On the downside, there is a major bullish trend line forming with support at $12.40 on the hourly chart of ETC/USD.

The same trend line acted as a support on multiple occasions and is currently a strong buy zone above $12.20. On the upside, the price is currently trading below a crucial resistance near $13.00. There is a connecting bearish trend line at $13.00 along with the 100 hourly simple moving average. A break and close above the $13.00 resistance and the 100 hourly simple moving average is needed for more gains. In the mentioned case, the price could easily retest the $14.00 handle.

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Ethereum Classic Price Technical Analysis ETC USD

On the downside, the trend line support at $12.40 and the 61.8% Fib retracement level of the last wave from the $12.10 low to $13.50 high are important buy zones. One can consider buying dips close to the $12.40 level as long as the price stays above $12.00.

Hourly MACD – The MACD is moving flat in the bullish zone.

Hourly RSI – The RSI is currently around the 50 level with flat structure.

Major Support Level – $12.40

Major Resistance Level – $13.00

 

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 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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