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Ethereum Classic Price Technical Analysis – Can ETC/USD Stay above $30?

Key Highlights

  • Ethereum classic price failed to stay above the $34.00 level and declined against the US Dollar.
  • There was a break below a connecting bullish trend line with support at $34.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair needs to stay above the $30.00 support level to avoid any further declines.

Ethereum classic price struggled to maintain gains against the US Dollar and Bitcoin. ETC/USD must hold the $30.00 support area to remain to recover back above $35.00.

Ethereum Classic Price Support

There was a nice upside move in ETC price above the $38.00 level recently against the US Dollar. However, the price failed to stay in the bullish zone, moved down and broke the $37.00 and $35.00 support levels. The decline was such that the price moved below the $34.00 level and the 100 hourly simple moving average. It is now showing a few bearish signs since it broke the $32.00 level and tested the $30.00 handle.

During the downside, there was a break below a connecting bullish trend line with support at $34.50 on the hourly chart of the ETC/USD pair. The pair recovered later and is currently moving around the 23.6% Fib retracement level of the last drop from the $39.15 high to $30.46 low. However, the broken support at $34.00 may now act as a resistance along with the 100 hourly SMA. Moreover, the 50% Fib retracement level of the last drop from the $39.15 high to $30.46 low is also around $34.50.

Ethereum Classic Price Technical Analysis ETC USD

Therefore, the $34.00-34.50 level is a major resistance area on the upside. On the downside, the pair needs to stay above the $30.00 level to avoid any more declines in the near term.

Hourly MACD – The MACD for ETC/USD is gaining pace in the bearish zone.

Hourly RSI – The RSI for ETC/USD is moving lower and is currently around the 30 level.

Major Support Level – $30.00

Major Resistance Level – $34.00

 

Charts courtesy – Trading View, Kraken

The post Ethereum Classic Price Technical Analysis – Can ETC/USD Stay above $30? appeared first on NewsBTC.

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