Analysis Technical

Ethereum Classic Price Analysis: ETC/USD Could Revisit $12

Aayush Jindal | May 29, 2018 | 8:00 am
technical analysis ethereum classic
Analysis

Ethereum Classic Price Analysis: ETC/USD Could Revisit $12

Aayush Jindal | May 29, 2018 | 8:00 am

Key Highlights

  • Ethereum classic price is under pressure below the $15.00 pivot level against the US dollar.
  • There was a break below a key bullish trend line with support at $15.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair is currently trading near $14.15 and it may extend the decline towards the $12.00 level.

Ethereum classic price is in a bearish trend against the US Dollar and Bitcoin. ETC/USD is likely to remain in a downtrend towards $13.00 and $12.00.

Ethereum Classic Price Trend

There was a strong rejection noted around the $15.80 and $16.00 resistances in ETC price against the US dollar. The ETC/USD pair started a downside move and declined below the $15.20 support. It even broke the $15.00 support and settled below the 100 hourly simple moving average. It opened the doors for more declines since there was a close below $15.00.

More importantly, there was a break below a key bullish trend line with support at $15.00 on the hourly chart of the ETC/USD pair. The pair traded further lower towards the $14.00 level. A low was formed at $14.17 and it seems like the current decline is not over yet. On the upside, an initial resistance for ETC is near the 23.6% Fib retracement level of the last decline from the $15.53 high to $14.17 low. However, the most important barrier for buyers is close to $15.00 and the 100 hourly SMA.

Ethereum Classic Price Analysis ETC USD

The chart suggests that the price may find sellers on the upside near $14.80 and $15.00. On the downside, a break below the recent low of $14.17 may open the doors for a push below the $14.00 level. The next supports on the downside are at $13.00 and $12.00.

Hourly MACD – The MACD for ETC/USD is currently in the bearish zone.

Hourly RSI – The RSI for ETC/USD is moving lower and is currently well below the 50 level.

Major Support Level – $14.00

Major Resistance Level – $15.00

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