Key Highlights
- Ethereum classic price traded close to $10.00 before correcting lower against the US dollar.
- There is a major bullish trend line in place with support at $9.40 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 $9.40 or $9.20 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 $9.20 level.
Ethereum Classic Price Analysis
In the last analysis, we discussed that ETC price may recover further above the $9.50 and $9.60 resistances against the US dollar. The ETC/USD pair did move higher and traded above the $9.60 resistance plus the 100 hourly simple moving average. The price traded close to the key $10.00 resistance and formed a high at $9.95. Later, there was a downside correction and the price declined below the $9.75 support.
There was a break below the 50% Fib retracement level of the last wave from the $9.23 low to $9.95 high. However, the price is now approaching a major support area near $9.40. More importantly, there is a major bullish trend line in place with support at $9.40 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 $9.23 low to $9.95 high. Besides, the 100 hourly SMA is also near $9.45 to provide support. Below the trend line, the price could test the $9.20 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 $9.40 and $9.20. As long as the price is above $9.20, it could bounce back above $9.75.
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 – $9.20
Major Resistance Level – $9.75
Author: Aayush Jindal
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