Ethereum Classic Price Technical Analysis – ETC/USD Could Correct Lower
- Ethereum classic price rose sharply this week and traded above $32.00 against the US dollar before correcting lower.
- There was a break below a connecting bullish trend line with support at $33.00 on the hourly chart of the ETC/USD pair (Data feed via SimpleFX).
- The pair may correct a few points, but the overall trend is positive above the $30.00 level.
Ethereum classic price is placed nicely in the bullish zone against the US Dollar and Bitcoin. ETC/USD could move down a few points, but it remains supported on the downside.
Ethereum Classic Price Uptrend
There were nasty gains in ETC price from the $25.00 swing low against the US dollar. The price was able to move above the $28.00 and $30.00 resistance levels. The upside move was strong as the price traded as high as $35.44. Later, a downside wave was initiated and the price moved below $34.00. It even broke the 23.6% Fib retracement level of the last wave from the $27.32 low to $35.44 high.
Moreover, there was a break below a connecting bullish trend line with support at $33.00 on the hourly chart of the ETC/USD pair. The pair tested the $32.30 support and is currently trading nicely above $32.50. There was a test of the 38.2% Fib retracement level of the last wave from the $27.32 low to $35.44 high. At the moment, the price is consolidating in a range above the $32.00 level. It may correct a few points, but the overall trend is positive as long as there is no close below $30.00.
On the downside, there is a major support at 50% Fib retracement level of the last wave from the $27.32 low to $35.44 high near $31.38. On the upside, the price has to move above $35.40 to trade towards $40.00.
Hourly MACD – The MACD for ETC/USD has reduced most of its bullish slope.
Hourly RSI – The RSI for ETC/USD is currently just around the 50 level.
Major Support Level – $31.30
Major Resistance Level – $35.40
Charts courtesy – SimpleFX
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