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

Key Highlights

• Ethereum classic price after a nasty upside move towards $24.00 against the US Dollar started a downside move.
• There is a major bullish trend line forming with support at $19.00 on the hourly chart of ETC/USD (Data feed via Kraken).
• The 100 hourly simple moving average is also near $19.10 to act as a strong barrier for sellers.

Ethereum classic price is correcting lower against the US Dollar and Bitcoin, and ETC/USD is currently testing an important support above $19.00.

Ethereum Classic Price Support

This past week, there was a sharp rise in ETC price towards $24.00 against the US Dollar. The price broke the $20.00 and $22.00 resistance levels to trade close to the $24.00 level. It traded as high as $24.01 before facing sellers and starting a downside correction. The price corrected lower and moved below the 23.6% Fib retracement level of the last wave from the $15.08 low to $24.01 high.

However, the downside correction was strong and the price declined below $21.00. There was even a break below the 50% Fib retracement level of the last wave from the $15.08 low to $24.01 high. On the downside, there is a major bullish trend line forming with support at $19.00 on the hourly chart of ETC/USD. The trend line support near $19.00 holds a lot of importance since the 100 hourly simple moving average is also near it.

Moreover, the 61.8% Fib retracement level of the last wave from the $15.08 low to $24.01 high is near $18.48. Therefore, we can say that there are many important supports on the downside near $19.00-18.50. As long as the price is above the trend line support at $19.00, it might resume its uptrend.

Hourly MACD – The MACD is slightly placed in the bullish zone.

Hourly RSI – The RSI is currently below the 50 level and heading lower.

Major Support Level – $19.00

Major Resistance Level – $21.00

 

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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