- Ethereum classic price extended losses and traded below the $10.00 support against the US dollar.
- There was a break below a declining channel with support at $10.54 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is currently under a lot of pressure below the $10.50 and $10.00 support levels.
Ethereum classic price fell sharply against the US Dollar and Bitcoin. ETC/USD is currently trading below $10.00 and it could extend losses towards $9.20.
Ethereum Classic Price Analysis
There was a sharp increase in selling pressure from the $11.00 swing high on ETC price against the US dollar. The ETC/USD pair started a major downside move and broke key supports near the $10.50 level. There was a proper close below the $10.50-60 support and the 100 hourly simple moving average. The price even broke the $10.00 support level to move further into a bearish zone.
The decline was initiated after there was a break below a declining channel with support at $10.54 on the hourly chart of the ETC/USD pair. The pair traded as low as $9.66 and it is still in a bearish zone. An initial resistance is near the 23.6% Fib retracement level of the recent drop from the $10.80 high to $9.66 low. Above the $9.90 and $10.00 resistance levels, the price may recover towards the $10.25 level. It represents the 50% Fib retracement level of the recent drop from the $10.80 high to $9.66 low. Therefore, as long as the price is below the $10.00 handle, there is a risk of more losses.
The chart suggests that ETC price may continue to move down towards the $9.50 level. Below this, sellers could attempt to push the price towards the $9.20 support level in the near term.
Hourly MACD – The MACD for ETC/USD is placed strongly in the bearish zone.
Hourly RSI – The RSI for ETC/USD is moving lower towards the 10 level.
Major Support Level – $9.50
Major Resistance Level – $10.00