Ethereum Classic Price Technical Analysis – ETC/USD Testing Crucial Support

Key Highlights

  • Ethereum classic price traded above the $13.00 level against the US Dollar, but failed near $14.00.
  • There is a crucial bullish trend line forming with support at $12.00 on the hourly chart of ETC/USD (Data feed via Kraken).
  • The pair recently corrected sharply lower, but remains supported near $12.00-11.80.

Ethereum classic price corrected sharply lower today against the US Dollar and Bitcoin. However, ETC/USD is well supported above the $11.80 level.

Ethereum Classic Price Support

It was a good week so far for ETC price as it moved above the $12.00 handle against the US Dollar. The price even broke the $13.00 level recently and gained heavy upside momentum. A new weekly high was formed at $13.97 and the price almost tested the $14.00 handle. After trading as high as $13.97, the price started a downside correction and moved below $13.50.

There was a break of the 50% Fib retracement level of the last wave from the $11.35 low to $13.97 high. The price traded close to the $12.00 level and the 100 hourly simple moving average. There was a break of the 61.8% Fib retracement level of the last wave from the $11.35 low to $13.97 high. However, the price gained bids above $12.00 and the 100 hourly SMA. There is also a crucial bullish trend line forming with support at $12.00 on the hourly chart of ETC/USD.

Ethereum Classic Price Technical Analysis ETC USD

As long as the price is above the 100 hourly SMA and the trend line support or $11.80, it might recover. On the upside, an initial resistance is around the $13.00 handle. Once buyers succeed in breaking $13.00, the price could even test the $14.00 handle in the near term.

Hourly MACD – The MACD is currently in the bearish zone.

Hourly RSI – The RSI is recovering from the oversold levels and is currently well below the 50 level.

Major Support Level – $11.80

Major Resistance Level – $13.00

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.

Source:Read the official page


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