Ethereum Classic Price Technical Analysis – ETC/USD Struggle Continues

Ethereum Classic Price Technical Analysis ETC USD

Key Highlights

  • Ethereum classic price continued to move lower and traded below $14.80 against the US Dollar.
  • There is a crucial connecting bearish trend line with resistance at $14.80 forming on the hourly chart of ETC/USD (Data feed via Kraken).
  • The price might correct higher towards $14.80-15.00, but upsides are likely to face hurdles.

Ethereum classic price declined sharply versus the US Dollar and Bitcoin. ETC/USD is now below $15.00 and remains sell on rallies.

Ethereum Classic Price Resistance

This past week, we saw a decent upside move in ETC price above $16.00 against the US Dollar. However, the price failed to hold gains and started trading below $16.00. The downside move extended on a close below $15.40 and the 100 hourly simple moving average. The decline was such that the price broke a major support area at $14.80, which ignited further losses. The price traded as low as $13.58 where it found support and later started a correction.

At the moment, it is trading near the 23.6% Fib retracement level of the last decline from the $16.42 high to $13.58 low. There is a crucial connecting bearish trend line with resistance at $14.80 forming on the hourly chart of ETC/USD. The trend line resistance is also around the 100 hourly simple moving average and $15.00. Moreover, the 38.2% Fib retracement level of the last decline from the $16.42 high to $13.58 low is at $14.69.

Ethereum Classic Price Technical Analysis ETC USD

Overall, ETC price is facing a major hurdle on the upside near $14.80-15.00. If it corrects higher, it is likely to face sellers near $14.80. Selling rallies in the near term close to $15.00 can be considered in the short term.

Hourly MACD – The MACD is struggling to remains in the bullish zone.

Hourly RSI – The RSI is moving higher towards the 50 level, which means the price is approaching resistance.

Major Support Level – $13.60

Major Resistance Level – $14.80

 

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.


Subscribe to our newsletter



Related Posts