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Ethereum Classic Price Technical Analysis

Ethereum Classic Price Technical Analysis – ETC Topping?

Aayush Jindal by Aayush Jindal
7 years ago
in Cryptocurrency news, Technical analysis
Reading Time: 2 mins read
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Key Highlights

  • Ethereum classic price surged higher against Bitcoin and traded close to the 0.0048BTC level.
  • There is likely a double top pattern forming around the mentioned level, so the bulls need to be very careful.
  • There is a bullish trend line formed on the hourly chart of ETC/BTC, which may act as a support if the price corrects lower.

Ethereum classic price continued its uptrend and gained by more than 20%. However, I feel it may be topping soon for a short-term correction.

Ethereum Classic Price Resistance

Ethereum classic price ETC surged further during the past 24 hours against Bitcoin and traded above the 0.0040BTC resistance. A new weekly high was in at 0.0048BTC, which also represents the previous swing high in ETC/BTC. There is a high probability of ETC finding sellers around the stated level.

In my view, there can be a strong rejection around the swing high, which will then create a possibility of a double top pattern. If the price corrects lower, then an initial support can around the 23.6% Fib retracement level of the last leg from the 0.0017BTC to 0.0048BTC. However, if the double top pattern plays well, then the pair may decline further.

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Ethereum Classic Price Technical Analysis

In that case, the pair may test the 38.2% Fib retracement level of the last leg from the 0.0017BTC to 0.0048BTC. There is also a bullish trend line formed on the hourly chart of ETC/BTC, which may provide bids during the correction phase. All we need to do at the moment is to keep a close eye on the highlighted resistance area and look for a rejection for a downside move in the short term.

Hourly MACD – The MACD is strongly placed in the bullish zone, but may soon come under a divergence.

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Hourly RSI – The RSI is around the overbought levels, calling for a correction in the near term.

Major Support Level – 0.0035BTC

Major Resistance Level – 0.0048BTC

 

Charts courtesy – SimpleFX

Tags: ETCETC to BTCethereumEthereum 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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