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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Ethereum Classic Price Analysis – ETC Recovery Initiated

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Classic Price Technical Analysis

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Created by industry experts and meticulously reviewed
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Key Highlights

  • Ethereum classic price started recovering this past week against the Bitcoin, and moved above 0.00120BTC.
  • There is now a bullish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), which may act as a support on the downside.
  • The price is currently correcting lower, but remains supported on the downside.

Ethereum classic price started moving higher against the Bitcoin to trade as high as 0.00145BTC before starting a correction.

Ethereum Classic Price Trend Line Support

I highlighted this past week that ETC price may have started a recovery phase. The price did move higher and climbed above a couple of important resistance levels. It broke the all-important 0.00120BTC for a move higher. A new monthly high of 0.00145BTC was formed where sellers appeared and pushed the price down. It has already moved below the Fib retracement level of the last wave from the 0.00111BTC low to 0.00145BTC high.

However, the price is approaching a major support area. There is a bullish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx). It may act as a strong buy zone on the downside, as the 100 hourly simple moving average is also positioned near it. Lastly, the 50% Fib retracement level of the last wave from the 0.00111BTC low to 0.00145BTC high is also around the same trend line.

So, the highlighted trend line support holds a lot value at 0.00128BTC, and it won’t be easy for the sellers to break it. As long as the price is above 0.00125BTC, there is a chance of an upside move once again. The last swing high of 0.00145BTC may also be tested.

Hourly MACD – The MACD is now in the bearish zone, but may soon reverse.

Hourly RSI – The RSI is back below the 50 level, but there is no major bearish momentum.

Major Support Level – 0.00125BTC

Major Resistance Level – 0.00140BTC

 

Charts courtesy – SimpleFX

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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