The price of Ethereum Classic (ETC) went as high as $13.37 yesterday. However, the rise was halted and the price declined to the $13.00 level against the USD. A significant bullish trendline that had support at $12.75 was formed on the hourly chart. During today’s trading session, the ETC/USD trading pair may bounce back and test the 100 hourly SMA and the $12.75 support again. The price of Ethereum Classic is correcting lower against the USD and against Bitcoin. If the losses are to be contained, the price must stay supported above $12.75. It’s the only way an upward move will resume short-term.
Ethereum Classic (ETC) Price Analysis For August 30th
Over the past two days, the price of Ethereum Classic has been on a steady rise from the support at $12.10. The price climbed up breaking the resistances at $12.50, $13.00, and $1275. It also traded near $13.40 topping at $13.37 short-term. Later on, a downside correction started and the price moved below the $13.00 level and even below the 23.6% Fibonacci retracement level of the last wave from $12.27 to $13.37.
Ethereum Classic (ETC) Price Today – ETC / USD
The price of Ethereum Classic is now moving near a significant support around $12.75 and $12.80. A major bullish trendline with support at $12.75 was formed on the hourly chart. The 50% Fib retracement level of the last rise from $12.27 to $13.37 was above the support trendline. The 100 hourly simple moving average is currently acting as support at $12.70
Ethereum Classic (ETC) Technical Analysis
From the technical charts, the price of ETC is still strongly supported around $12.75 and around the 100 hourly simple moving average. There is a resistance at $13.00 upside and a bearish trendline at $13.10. The relative strength index is below 50 and the MACD on the hourly chart is in the bearish territory. This is according to the price analysis of Aayush Jindal on Newsbtc.