Ethereum Classic Price Technical Analysis – ETC/USD Facing Tough Barrier

Ethereum Classic Price Technical Analysis ETC USD

Key Highlights

  • Ethereum classic price followed ETH and declined heavily to trade near $12.00 against the US Dollar.
  • There is a major bearish trend line with resistance at $14.50 formed on the hourly chart of ETC/USD (Data feed via Kraken).
  • The price is currently correcting higher, but facing a major resistance near $15.00.

Ethereum classic price followed ETH’s declining path versus the Bitcoin, and ETC/USD is currently facing a tough barrier near $15.00.

Ethereum Classic Price Decline

This week turned out to be super bearish for ETC price as it moved below a major support area of $15.00 against the US Dollar. The downside move was sharp, as the price declined towards $12.00 and traded as low as $11.95. It seems like the recent pressure on ETH/USD and BTC/USD has ignited declines in ETC as well. The price started a correction from the $12.00 swing low. It traded above the 38.2% Fib retracement level of the last decline from the decline from the $17.25 high to $11.95 low.

However, the upside move was protected by the $15.0 pivot. It also coincided with the 61.8% Fib retracement level of the last decline from the decline from the $17.25 high to $11.95 low. On the upside, there is major bearish trend line with resistance at $14.50 formed on the hourly chart of ETC/USD. Even if the price trades above the trend line resistance, it faces a major barrier near $15.00. The stated level might continue to prevent gains above $15.50.

Ethereum Classic Price Technical Analysis  ETC USD

Furthermore, the 100 hourly simple moving average is also waiting near $15.25 to act as a resistance. Overall, there are many hurdles near $15.00 and it won’t be easy for buyers to break it. On the downside, the $12.00 level is a major weekly support.

Hourly MACD – The MACD is attempting a recovery.

Hourly RSI – The RSI is currently moving higher, but remains below the 50 level.

Major Support Level – $12.00

Major Resistance Level – $15.00

 

Charts courtesy – Trading View, Kraken

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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