Ethereum Classic Price Technical Analysis – ETC/USD Upside Surge and Reversal

Key Highlights

  • Ethereum classic price surged higher and moved above the $20.00 handle before reversing gains against the US Dollar.
  • There is a declining channel forming with resistance at $15.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair might continue to decline and it could even test the $13.20 support area.

Ethereum classic price is reversing its gains against the US Dollar and Bitcoin. ETC/USD might soon retest the $13.20-13.00 support area.

Ethereum Classic Price Decline

During the past two days, there was a sharp upside move in ETC price above the $15.00 level against the US Dollar. The price rocketed higher and even traded above the $20.00 handle. A new monthly high was formed at $21.42 from where a sharp decline was initiated. ETC declined and moved below the $18.00 support and the 50% Fib retracement level of the last wave from the $13.00 low to $21.42 high.

The current decline points to a major reversal below $20.00. It seems like there is a declining channel forming with resistance at $15.50 on the hourly chart of the ETC/USD pair. The pair is now below the 76.4% Fib retracement level of the last wave from the $13.00 low to $21.42 high. Therefore, there are high chances of it moving back towards the $13.20 and $13.00 support levels.

Ethereum Classic Price Technical Analysis ETC USD

The 100 hourly simple moving average is now at $16.00 to act as a resistance. A downside break below $14.00 would ignite more declines in the near term. On the upside, the channel resistance at $15.50 is a major hurdle followed by the 100 hourly SMA. It would be interesting to see how buyers react when the price reaches $13.00.

Hourly MACD – The MACD for ETC/USD is back in the bearish zone.

Hourly RSI – The RSI for ETC/USD is currently near the oversold levels.

Major Support Level – $13.00

Major Resistance Level – $16.00

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.

Published by

Aayush Jindal

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is
well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets.
View all posts by Aayush Jindal

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