📌Ethereum Classic(ETC) Technical Price Analysis
⭕️Ethereum classic price is attempting an upside break versus the US Dollar and Bitcoin. ETC/USD has to gain momentum above $14.50 for further gains.
Ethereum classic price after finding support below $13.50 against the US Dollar started a recovery.There was a break above a crucial bearish trend line with resistance near $14.00 on the hourly chart of ETC/USD (Data feed via Kraken).The price is still below the $14.50 resistance and the 100 hourly simple moving average.
☑️ Technical Indicaters
⭕️During the past week, ETC price mostly struggled and traded below the $15.00 and $14.00 supports against the US Dollar. The price traded as low as $13.23 where it found support and later started recovering. It managed to move above the 23.6% Fib retracement level of the last decline from the $16.40 high to $13.23 low. There was even a break above a crucial bearish trend line with resistance near $14.00 on the hourly chart of ETC/USD.
⭕️However, the upside move was capped by the $14.50 resistance and the 100 hourly simple moving average. Moreover, the 38.2% Fib retracement level of the last decline from the $16.40 high to $13.23 low prevented further gains. Currently, the price is forming a short-term descending channel with resistance at $14.00 on the same chart. Once there is a close above the $14.50 resistance and the 100 hourly simple moving average, there can be more gains.
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⚠️Disclaimer....
The information Shared is not guaranteed, does not purport to be comprehensive and is for information purposes only.
It should not be regarded as investment.
All the information is Based On Our Own Research And From reliable sources.
Crypto Advisers does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred
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