Ethereum Classic Price Technical Analysis – ETC/USD’s Upside Remains Capped

Key Highlights

  • Ethereum classic price declined and retested the last swing low near $13.00-13.20 against the US dollar.
  • There was a break below a connecting bullish trend line with support at $14.30 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair is currently correcting higher, but upsides are likely to be capped by $14.00 and $14.50.

Ethereum classic price failed to gain momentum against the US Dollar and Bitcoin. ETC/USD remains bearish as long as it is below $15.00

Ethereum Classic Price Support

There was a short-term upside move towards the $15.00-15.20 levels recently in ETC price against the US dollar. The ETC/USD pair failed to move above the $15.20 resistance and started a downside move. It declined and traded below the $15.00 and $14.80 support levels. Moreover, there was a close below the $14.50 level and the 100 hourly simple moving average.

During the decline, there was also a break below a connecting bullish trend line with support at $14.30 on the hourly chart of the ETC/USD pair. The pair traded towards the $13.00 handle and formed a low at $13.15. At the moment, the price is recovering and testing the 23.6% Fib retracement level of the last decline from the $15.19 high to $13.15 low. However, there are many barriers on the upside near the $14.50 level. The 100 hourly SMA is positioned near 50% Fib retracement level of the last decline from the $15.19 high to $13.15 low.

Therefore, the $14.50 level may perhaps act as a strong hurdle. Above $14.50, the price may retest the $15.00 level. On the downside, the price may retest the last swing low of $13.00. A break below $13.00 could ignite further declines towards $12.00.

Hourly MACD – The MACD for ETC/USD is slightly moving in the bullish zone.

Hourly RSI – The RSI for ETC/USD is moving higher towards the 50 level.

Major Support Level – $13.00

Major Resistance Level – $15.00

 

Charts courtesy – Trading View

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