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Ethereum Classic Price Tech Analysis – ETC/USD Remains Support

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:19 pm
2 mins read
Ethereum Classic Price Technical Analysis ETC USD

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Key Highlights

  • Ethereum classic price after a minor decline found support near $13.60 against the US Dollar.
  • There is a key ascending channel pattern with support at $14.00 forming on the hourly chart of ETC/USD (Data feed via Kraken).
  • The price is also positioned well above the $14.00 support and the 100 hourly simple moving average.

Ethereum classic price is attempting an upside move against the US Dollar and Bitcoin. ETC/USD has to break $15.00 level to gain momentum.

Ethereum Classic Price Resistance

In the last analysis, we discussed the importance of $13.50 support for ETC price against the US Dollar. The price recently dipped towards $13.50 and found support at $13.60. It also failed to stay below the $13.60 level and the 100 hourly simple moving average. As a result, there was a rejection and the price moved back above the $14.00 level. It broke the 23.6% Fib retracement level of the last decline from the $15.50 high to $13.60 low.

It seems like there is a key ascending channel pattern with support at $14.00 forming on the hourly chart of ETC/USD. It might play a major role for further gains above $15.00 in the near term. At the moment, the price is struggling to settle above the 50% Fib retracement level of the last decline from the $15.50 high to $13.60 low. Moreover, there is a short-term ascending channel with support at $14.40 forming.

Ethereum Classic Price Technical Analysis ETC USD

It would be interesting to see how ETC price traded in the near term above $14.00. In order for more upsides, buyers have to take the price above $15.00. An intermediate resistance is around the 61.8% Fib retracement level of the last decline from the $15.50 high to $13.60 low at $14.77.

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

Hourly RSI – The RSI is well above the 50 level.

Major Support Level – $14.00

Major Resistance Level – $15.00

 

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

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

Ad discliamer

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