- Ethereum classic price started a downside correction from the $11.80 swing high against the US dollar.
- There is a major bearish trend line in place with resistance at $11.10 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair could continue to move down towards the $10.80 and $10.70 support levels in the near term.
Ethereum classic price is correcting lower against the US Dollar and Bitcoin. ETC/USD is likely to find bids near the $10.80 and $10.70 levels.
Ethereum Classic Price Supports
After a decent upward move, ETC price found resistance near the $11.80 level against the US dollar. The ETC/USD pair started a downside correction and moved below the $11.50 and $11.00 support levels. It traded close to the $10.40 support and later bounced back. The price tested the $11.40 level and is currently correcting lower. It is trading below the $11.20 level and the 100 hourly simple moving average.
ETC sellers recently pushed the price towards the 50% Fib retracement level of the last wave from the $10.38 low to $11.36 high. However, losses were contained below the $10.80 support. Below this, the next major support is close to $10.75. It coincides with the 61.8% Fib retracement level of the last wave from the $10.38 low to $11.36 high. If there is a break below $10.70, the price could retest $10.40. On the other hand, a break above the $11.10 level and the trend line will most likely push ETC towards $11.50.
The chart suggests that ETC price remains supported near $10.80 and $10.70. On the upside, buyers need to gain momentum above $11.10 for an extended upward move towards $11.50 or 11.70. The most important resistance on the topside is near the $11.80 level, which prevented gains on many occasions.
Hourly MACD – The MACD for ETC/USD is placed in the bearish zone.
Hourly RSI – The RSI for ETC/USD is moving lower towards the 40 level.
Major Support Level – $10.70
Major Resistance Level – $11.10