Ethereum Classic Price Technical Analysis – Can ETC/USD Make it?

Key Highlights

  • Ethereum classic price has recovered a few points from the $9.85 swing low against the US Dollar.
  • There is a short-term contracting triangle pattern forming with resistance at $10.80 on the hourly chart of ETC/USD (Data feed via Kraken).
  • The pair is now above $10.00 and the 100 hourly simple moving average, which is a positive sign.

Ethereum classic price is recovering slowly against the US Dollar and Bitcoin. ETC/USD needs a break above $11.00 to gain further momentum.

Ethereum Classic Price Resistance

There was an increase in bearish pressure on ETC price below $11.00 against the US Dollar. The price declined and traded as low as $9.85 where it found support and later started a recovery. It moved above the 23.6% Fib retracement level of the last decline from the $13.20 high to $9.85 low. There was even a move above the $10.50 level and the 100 hourly simple moving average, which is a positive sign.

However, buyers are struggling to take the price above the $11.00 level. There is a short-term contracting triangle pattern forming with resistance at $10.80 on the hourly chart of ETC/USD. Moreover, the 38.2% Fib retracement level of the last decline from the $13.20 high to $9.85 low is near $11.10. The pair has to break the $10.80 and $11.00 resistance to gain momentum. The next stop could be the 50% Fib retracement level of the last decline from the $13.20 high to $9.85 low at $11.50.

Ethereum Classic Price Technical Analysis ETC USD

On the downside, an initial support is at $10.50 and the 100 hourly simple moving average. If the pair fails to hold the $10.50 support, there is a risk of a downside break towards $10.00 in the near term.

Hourly MACD – The MACD is now showing any major signs of an upside break.

Hourly RSI – The RSI is just around the 50 level.

Major Support Level – $10.50

Major Resistance Level – $11.00

Charts courtesy – Trading View, Kraken

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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