RATE Group | Ethereum Classic Price Analysis: ETC/USD Could Rebound From $12.75
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Ethereum Classic Price Analysis: ETC/USD Could Rebound From $12.75

31 Aug Ethereum Classic Price Analysis: ETC/USD Could Rebound From $12.75

Posted at 07:40h in Ethereum News by

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Key Highlights

  • Ethereum classic price formed a high at $13.37 and declined below $13.00 against the US dollar.
  • There is a major bullish trend line in place with support at $12.75 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair could bounce back after testing the $12.75 support and the 100 hourly simple moving average.

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

Ethereum Classic Price Trend

During the past two days, there was a steady rise from the $12.10 support in ETC price against the US dollar. The ETC/USD pair climbed higher and broke the $12.50, $12.75 and $13.00 resistance levels. It traded close to the $13.40 level and formed a short-term top at $13.37. Later, there was a downside correction and the price moved below $13.00. The price also moved below the 23.6% Fib retracement level of the last wave from the $12.27 low to $13.37 high.

However,…

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