Ethereum Classic Price Technical Analysis – Can ETC/USD Hold $20?

Key Highlights

  • Ethereum basic worth made a short-term high close to $23.00 and declined in opposition to the US greenback.
  • Sellers succeeded in pushing the value under a significant bullish pattern line with assist at $21.30 on the hourly chart of the ETC/USD pair (Knowledge feed through Kraken).
  • The pair is now buying and selling close to necessary assist ranges comparable to $20.50 and $20.00.

Ethereum basic worth declined just lately in opposition to the US Greenback and Bitcoin. ETC/USD has to remain above the $20.00 assist to keep away from a pattern change within the close to time period.

Ethereum Classic Price Help

There have been round two makes an attempt by ETC worth to clear the $23.00 resistance in opposition to the US greenback. The ETC/USD pair couldn’t transfer above the said $23.00 hurdle and began a draw back transfer. It declined under the 23.6% Fib retracement stage of the final wave from the $18.11 low to $22.93 excessive. Extra importantly, there was a break under the $22.00 assist and the 100 hourly easy shifting common.

The decline was important as there was a break under a significant bullish pattern line with assist at $21.30 on the hourly chart of the ETC/USD pair. The pair is now buying and selling effectively under the $21.50 assist and the 100 hourly SMA. On the outset, the value is holding the 50% Fib retracement stage of the final wave from the $18.11 low to $22.93 excessive at $20.50. Beneath the talked about $20.50, the following main assist is round $20.00. ETC worth should keep above the said $20.00 assist if it has to remain in a bullish zone.

The chart signifies that the value is dropping momentum, however $20.00 holds loads of significance. If there’s a break under $20.00, the value may decline additional in direction of $18.00. However, if it recovers, the damaged assist at $21.50 and 100 hourly SMA are more likely to forestall upsides.

Hourly MACD – The MACD for ETC/USD is again within the bearish zone.

Hourly RSI – The RSI for ETC/USD is now effectively under the 50 stage.

Main Help Stage – $20.00

Main Resistance Stage – $21.50

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