Ethereum Classic Price Technical Analysis – ETC/USD Remains Bullish

By Aayush Jindal Dec 5, 2017 3:00 AM EST

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Key Highlights Ethereum classic price made a nice upside move towards $30.00 against the US Dollar. There is a short-term flag pattern forming with support near $27.20 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair might correct a few points, but downsides are likely to be limited by $27.20-27.00.

Ethereum classic price is bullish against the US Dollar and Bitcoin. ETC/USD might correct in the short term, but might soon break or retest $30.00.

Ethereum Classic Price Support

Recently, we saw an upside move above $30.00 in ETC price against the US Dollar. A high was set recently at $30.84 before the price started correcting lower. It declined a few points below the 23.6% Fib retracement level of the last wave from the $21.90 low to $30.84 high. However, the downside move was protected by the $28.00 support and the 100 hourly simple moving average.

It seems like there is a short-term flag pattern forming with support near $27.20 on the hourly chart of the ETC/USD pair. The pair might correct a few points if it moves below the 100 hourly SMA and $28.00. The channel support is now at $27.20 and the 38.2% Fib retracement level of the last wave from the $21.90 low to $30.84 high. In any case, dips remain supported above $27.00 and $26.00. The most important support is around $26.50 and the 50% Fib retracement level of the last wave from the $21.90 low to $30.84 high.

Buyers are currently in control above $27.00. On the upside, a break above the $29.50 level is needed for ETC to retest $30.00 and $31.00. Above $31.00, the price could accelerate and trade towards the next major resistance near $32.80.

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

Hourly RSI – The RSI for ETC/USD is currently well below the 50 level.

Major Support Level – $26.50

Major Resistance Level – $30.00

 

Charts courtesy – Trading View, Kraken

The post Ethereum Classic Price Technical Analysis – ETC/USD Remains Bullish appeared first on NEWSBTC.

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