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Key points
- The classic price of Ethereum was traded near $ 10.00 before correcting the decline against the US dollar.
- There is an uptrend line in place with support for $ 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 support level of $ 9.40 or $ 9.20.
The classic price of Ethereum started a downward correction against the US dollar and Bitcoin. ETC / USD is approaching some important media above the $ 9.20 level.
Analysis of the classic prices of Ethereum
Ultimately, we discussed the fact that the price of the ETC could recover further above the resistance from $ 9.50 and $ 9.60 compared to the US dollar. The ETC / USD pair moved higher and outperformed $ 9.60 plus the 100-hour moving average. The price was traded close to the key resistance of $ 10.00 and stood at $ 9.95. Subsequently, there was a downward correction and the price fell below the support of $ 9.75.
There was a break below the 50% fiber retracement level of the last wave from the low of $ 9.23 to that of $ 9.95. However, the price is approaching a large support area close to $ 9.40. More importantly, there is an uptrend line in place with support for $ 9.40 on the hourly chart of the ETC / USD pair. Support for the trendline approaches the Fib 76.4% retracement level of the last wave, from $ 9.23 down to $ 9.95 up. In addition, the 100-hour SMA is also close to $ 9.45 to provide support. Below the trendline, the price could test the $ 9.2 level, which was a previous resistance and can now provide support.
The chart suggests that ETC's price is close to a few important support levels such as $ 9.40 and $ 9.20. As long as the price is higher than $ 9.20, it could bounce above $ 9.75.
MACD timetable – The MACD for ETC / USD is slowly moving into the bearish zone.
RSI timetable – The RSI for ETC / USD is moving lower towards level 30.
Main support level: $ 9.20
Main resistance level: $ 9.75
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