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Altcoin — Opinion

Ethereum Classic Price Analysis: ETC/USD undergoing correction.

,   and  Coinnounce Team
Ethereum classic price is remedying lower. ETC/USD must hold the $12.75 support to continue its upside move in the close term
Ethereum classic price is remedying lower. ETC/USD must hold the $12.75 support to continue its upside move in the close term.

Etheruem Classic Price Key Features

  • Ethereum classic price shaped a high at $13.37 and declined beneath $13.00 against the US dollar.
  • There is a noteworthy bullish pattern line set up with support at $12.75 on the hourly diagram of the ETC/USD match (Information feed through Kraken).
  • The pair could bob back in the wake of testing the $12.75 support and the 100 hourly basic moving normal.

Ethereum classic price is remedying lower against the US Dollar and Bitcoin. ETC/USD must hold the $12.75 support to continue its upside move in the close term.

Ethereum Classic Price Pattern

Amid the previous two days, there was an enduring ascent from the $12.10 support in Ethereum Classic price against the US dollar. The ETC/USD combine moved higher and broke the $12.50, $12.75 and $13.00 resistance levels. It exchanged near the $13.40 level and framed a transient best at $13.37. Afterward, there was a drawback revision and Ethereum Classic price moved beneath $13.00. The price additionally moved beneath the 23.6% Lie retracement level of the last wave from the $12.27 low to $13.37 high.

Be that as it may, Ethereum Classic price is currently moving toward an essential support close to the $12.75-12.80 zone. There is likewise a noteworthy bullish pattern line set up with support at $12.75 on the hourly graph of the ETC/USD match. The half Lie retracement level of the last wave from the $12.27 low to $13.37 high is likewise over the pattern line support. In addition, the 100 hourly SMA is situated at $12.70 to go about as a support. In this way, if Ethereum Classic price keeps on moving down, it is probably going to discover support close $12.70 and $12.75. Beneath these, it could move back towards $12.10.

ETCUSD Price Chart 30 August
ETCUSD Price Chart 30 August

The graph proposes that Ethereum Classic price stays supported close $12.75 and the 100 hourly SMA. On the upside, an underlying resistance is close $13.00 taken after by a bearish pattern line at $13.10.

Hourly MACD – The MACD for ETC/USD is somewhat put in the bearish zone.

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

Significant Support Level – $12.75

Significant Resistance Level – $13.10

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