Key Highlights
- Ethereum classic price is correcting lower from the $19.50-60 levels against the US Dollar.
- There is a new connecting bearish trend line forming with resistance at $18.60 on the hourly chart of ETC/USD (Data feed via Kraken).
- The pair could decline towards the $18.00-17.50 levels before moving up once again.
Ethereum classic price is correcting lower against the US Dollar and Bitcoin. ETC/USD might retest $18.00 before moving back higher.
Ethereum Classic Price Correction
This week, ETC price started a decent recovery and moved above the $17.50 level against the US Dollar. The price followed a decent upside momentum and traded as high as $19.69. It seems like the price struggled to break the 38.2% Fib retracement level of the last drop from the $24.05 high to $16.21 low. As a result, there is a new tiny correction wave initiated. The price has slowly moved down below the 23.6% Fib retracement level of the last wave from the $16.21 low to $19.69 high.
The price is now approaching the $18.00 support, which is just below the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last wave from the $16.21 low to $19.69 high is at $17.99. Therefore, if the price continue to move down, it could find support near $18.00. On the upside, there is a new connecting bearish trend line forming with resistance at $18.60 on the hourly chart of ETC/USD.
A break above the trend line resistance at $18.60 would open the doors for a retest of $20.00. The overall bias is still positive as long as the price is above $18.00-17.50. Buying dips near $18.00 can be considered, but with a very low risk and tight stop.
Hourly MACD – The MACD has slightly moved in the bearish zone.
Hourly RSI – The RSI has moved below the 50 level.
Major Support Level – $18.00
Major Resistance Level – $18.60
Charts courtesy – Trading View, Kraken
