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Key Highlights
- Ethereum classic price tumbled and broke the $12.50 and $11.20 support levels against the US dollar.
- There is a key connecting bearish trend line forming with resistance at $11.30 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is slowly correcting higher towards the $11.00 and $11.30 resistance levels.
Ethereum classic price made a sharp U-turn against the US Dollar and Bitcoin. ETC/USD broke the $12.50 support and is currently at risk of clearing $10.00.
Ethereum Classic Price Support
It seems like ETC price was rejected from well above the $14.00 level against the US dollar. The ETC/USD pair traded and consolidated above the $12.50 support for some time. However, sellers had the upper hand as they succeeded in clearing the $12.50 support. The price declined sharply below the $12.00 and $11.50 levels. The decline was such that the price even broke the $11.20 and $10.50 support levels.
A new monthly low was formed at $10.11 and the price is currently correcting higher. It is testing the 23.6% Fib retracement level of the last drop from the $13.43 high to $10.11 low. There is also a key connecting bearish trend line forming with resistance at $11.30 on the hourly chart of the ETC/USD pair. Above the trend line, the next important resistance is near $11.80. It represents the 50% Fib retracement level of the last drop from the $13.43 high to $10.11 low. On the downside, the $10.00 support zone holds a lot of significance.
The chart suggests that ETC price may correct a few points towards $11.50-12.00 zone. However, if buyers fail to take control above $11.20, the price may decline further. In the mentioned case, ETC could even break the $10.00 handle to test the $9.25 support.
Hourly MACD – The MACD for ETC/USD is placed heavily in the bullish zone.
Hourly RSI – The RSI for ETC/USD is now well below the 30 level.
Major Support Level – $10.00
Major Resistance Level – $11.80
