Ethereum Classic Price Technical Analysis – ETC/USD Under Pressure




Ethereum classic price is under bearish pressure against the US Dollar and Bitcoin. ETC/USD is currently correcting higher, but is facing hurdles near $27.00 and $27.50.
Ethereum Classic Price Technical Analysis ETC USD

Key Highlights

  • Ethereum classic price declined recently and traded below the $26.00 support area against the US Dollar.
  • There is a major bearish trend line forming with resistance near $27.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair traded as low as $24.01 recently and it is currently correcting higher.

Ethereum classic price is under bearish pressure against the US Dollar and Bitcoin. ETC/USD is currently correcting higher, but is facing hurdles near $27.00 and $27.50.

Ethereum Classic Price Resistance

There was a start of a new downside reaction from the $30.50 swing high in ETC price against the US Dollar. The price moved down and broke a few important support levels such as $30.00 and $28.00. It traded close to the $24.00 level and formed a lot at $24.01. It is currently correcting higher and has already moved above the 23.6% Fib retracement level of the last decline from the $30.00 high to $24.01 low.

At the moment, the price is facing resistance near the $27.00 level. Moreover, the 38.2% Fib retracement level of the last decline from the $30.00 high to $24.01 low is acting as a resistance. There is also a major bearish trend line forming with resistance near $27.50 on the hourly chart of the ETC/USD pair. The trend line resistance is around the 100 hourly simple moving average at $27.80. An intermediate resistance is around the 50% Fib retracement level of the last decline from the $30.00 high to $24.01 low at $26.98.

Ethereum Classic Price Technical Analysis ETC USD

Therefore, there are many hurdles on the upside starting with $27.00. As long as the price is below $27.00, it might struggle. On the downside, the $24.00 level is a decent support. Below $24.00, the next major support is around $22.00.

Hourly MACD – The MACD for ETC/USD is about to move back in the bullish zone.

Hourly RSI – The RSI for ETC/USD is currently just near the 50 level.

Major Support Level – $24.00

Major Resistance Level – $27.50

 

Charts courtesy – Trading View, Kraken

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Published by

Aayush Jindal

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is
well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets.

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