- Ethereum classic price finally broke an important pattern and traded towards $14.50 against the US Dollar.
- This past week’s major contracting triangle pattern with support at $16.90 on the hourly chart (data feed via Kraken) of ETC/USD was breached.
- The price corrected lower after trading as low as $14.47, but failed to regain the bullish bias.
Ethereum classic price moved down in the bearish zone against the US Dollar and Bitcoin, and ETC/USD now positioning for more declines below $16.50.
Ethereum Classic Price Resistance
This past week, we followed a major contracting triangle pattern with support at $16.90 on the hourly chart (data feed via Kraken) of ETC/USD. There were many swing moves inside the triangle, but later ETC price lost momentum and declined below $16.80. There was a break of the $16.50 and $15.20 support area. A new weekly low was formed at $14.47 from where a minor recovery was initiated.
The price traded above the 50% Fib retracement level of the last decline from the $17.65 high to $14.47 low. However, the upside move was protected by $16.80 and the 100 hourly simple moving average. The price failed just above the 61.8% Fib retracement level of the last decline from the $17.65 high to $14.47 low. Later, a new downside wave was initiated, and price is currently looking to retest $15.00.
If sellers remain in control, there is a chance of ETC retesting even the last swing low at $14.47. On the upside, the $16.50 resistance and the 100 hourly simple moving average are major barrier. Only an hourly close above $17.00 might negate the current bearish bias. Selling rallies towards the 100 hourly simple moving average and $16.50 might be considered in the short term.
Hourly MACD – The MACD is gaining pace in the bearish zone.
Hourly RSI – The RSI is recovering from the oversold levels.
Major Support Level – $15.00
Major Resistance Level – $16.50
Charts courtesy – Trading View, Kraken