Analysis Technical

Ethereum Classic Price Analysis: ETC/USD Sellers In Control Below $9.50

Aayush Jindal | October 30, 2018 | 8:28 am
technical analysis ethereum classic
Analysis

Ethereum Classic Price Analysis: ETC/USD Sellers In Control Below $9.50

Aayush Jindal | October 30, 2018 | 8:28 am

Key Highlights

  • Ethereum classic price declined further and broke the $9.40 support against the US dollar.
  • There is a major bearish trend line in place with resistance at $9.35 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair may correct higher in the short term, but sellers remain in control near $9.30 and $9.40.

Ethereum classic price fell sharply against the US Dollar and Bitcoin. ETC/USD remains sell on rallies near the $9.30 and $9.40 resistance levels.

Ethereum Classic Price Analysis

In the last analysis, we discussed that ETC price remains sell on rallies below $10.00 against the US dollar. The ETC/USD pair remained in a bearish zone and it declined below the $9.50 and $9.40 support levels. The recent decline was such that the price even broke the $9.00 support and settled below the 100 hourly simple moving average. A low was formed at $8.81 before the price started an upside correction.

It moved above the 23.6% Fib retracement level of the recent decline from the $9.60 high to $8.81 low. It seems like the pair may correct further higher, but there are many hurdles near $9.20, $9.30 and $9.40. There is also a major bearish trend line in place with resistance at $9.35 on the hourly chart of the ETC/USD pair. Moreover, the 50% Fib retracement level of the recent decline from the $9.60 high to $8.81 low is near $9.20 to act as a solid resistance. Therefore, if the price corrects higher, it could face sellers near $9.20, $9.30 and $9.40.

Ethereum Classic Price Analysis ETC Chart

The chart suggests that ETC price is back in a bearish zone below the $10.00 handle. On the downside, a proper break and close below the $9.00 level may push the price towards the $8.50 level.

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

Hourly RSI – The RSI for ETC/USD is still well below the 50 level.

Major Support Level – $9.00

Major Resistance Level – $9.30

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