Key Highlights
- Ethereum classic price traded close to .00 before correcting lower against the US dollar.
- There is a major bullish trend line in place with support at .40 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is likely to find a strong buying interest near the .40 or .20 support level.
Ethereum classic price started a downside correction against the US Dollar and Bitcoin. ETC/USD is approaching a few important supports above the .20 level.
Ethereum Classic Price Analysis
In the last analysis, we discussed that ETC price may recover further above the .50 and .60 resistances against the US dollar. The ETC/USD pair did move higher and traded above the .60 resistance plus the 100 hourly simple moving average. The price traded close to the key .00 resistance and formed a high at .95. Later, there was a downside correction and the price declined below the .75 support.
There was a break below the 50% Fib retracement level of the last wave from the .23 low to .95 high. However, the price is now approaching a major support area near .40. More importantly, there is a major bullish trend line in place with support at .40 on the hourly chart of the ETC/USD pair. The trend line support is close to the 76.4% Fib retracement level of the last wave from the .23 low to .95 high. Besides, the 100 hourly SMA is also near .45 to provide support. Below the trend line, the price could test the .20 level, which was a resistance earlier and now it may provide support.
The chart suggests that ETC price is approaching a few important support levels such as .40 and .20. As long as the price is above .20, it could bounce back above .75.
Hourly MACD – The MACD for ETC/USD is slowly moving in the bearish zone.
Hourly RSI – The RSI for ETC/USD is moving lower towards the 30 level.
Major Support Level – .20
Major Resistance Level – .75
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