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


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

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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

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