Analysis of classic Ethereum prices: ETC / USD could rebound from $ 12.75



Key Points

  • The classic price of Ethereum has risen to $ 13.37 and falls below $ 13.00 against the US dollar
  • C & # 39; is an uptrend line with support for $ 12, 75 on the hourly chart of the ETC / USD pair (data feed via Kraken).
  • The pair could recover after testing the $ 12.75 support and the 100-hour simple moving average.

The classic price of Ethereum is lower than the US dollar and Bitcoin. ETC / USD must maintain support of $ 12.75 to resume its upward move in the near term.

Ethereum Classic Price Trend

Over the past two days, there has been a steady rise from the $ 12.10 support in the ETC price compared to the US dollar. The ETC / USD pair climbed higher and broke resistance levels of $ 12.50, $ 12.75 and $ 13.00. It traded near the $ 13.40 level and formed a short maximum of $ 13.37. Next, there was a downward correction and the price has moved below $ 13.00. The price also moved below the Fib retracement level to 23.6% of the last wave from the low of $ 12.27 to that of $ 13.37.

However, the price is approaching a crucial support near the $ 12.75-12.80 area. There is also an uptrend line in place with support for $ 12.75 on the hourly chart of the ETC / USD pair. The 50% fiber retracement level of the last wave from a minimum of $ 12.27 to $ 13.37 is also higher than the support of the trend line. In addition, the 100-hour SMA is positioned at $ 12.70 to serve as support. Therefore, if the price continues to fall, a support near $ 12.70 and $ 12.75 is likely to be found. Below these, it could return to $ 12.10

 Price Analysis of Ethereum Classic ETC USD

The graph suggests that the price of ETC remains supported near $ 12 , 75 and 100 SMA every hour. On the upside, an initial resistance is close to $ 13.00 followed by a bearish trend line at $ 13.10

MACD timetable – The MACD for ETC / USD is slightly positioned in the bearish zone.

RSI timetable – The RSI for ETC / USD is now well below the 50 level.

Main support level – $ 12.75 [19659008] Main resistance level – $ 13.10 [19659015]
Source link