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Key Highlights
- Ethereum classic price formed a top near the $14.50 level and declined against the US dollar.
- There was a break below a major bullish trend line with support at $13.90 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is currently trading well below the $14.00 level and the 100 hourly simple moving average.
Ethereum classic price declined and moved in a bearish zone against the US Dollar and Bitcoin. ETC/USD may continue to move down towards the $13.00 support.
Ethereum Classic Price Trend
Earlier this week, there was an upside move above the $14.00 level in ETC price against the US dollar. The ETC/USD pair succeeded in trading above the $14.20 resistance and tested $14.50. A high was formed at $14.51 before the price started a downside move. It declined and traded below the $14.20 support and the $14.00 handle to move in a bearish zone.
Furthermore, there was a break below a major bullish trend line with support at $13.90 on the hourly chart of the ETC/USD pair. The pair also traded below the $13.50 level and traded below the 100 hourly simple moving average. A low was formed at $13.27 before the price corrected towards the 23.6% Fib retracement level of the last decline from the $14.51 high to $13.27 low. However, the upside move was capped by the $13.50 level and the 100 hourly SMA. It seems like as long as the price is below 100 SMA, it could decline further towards the next major support at $13.00.
On the upside, a push above $13.50 and 100 hourly SMA is needed for a trend change. Above 100 SMA, the next hurdle for buyers are at $14.00 and $14.50.
Hourly MACD – The MACD for ETC/USD is about to move back in the bearish zone.
Hourly RSI – The RSI for ETC/USD is moving lower towards the 30 level.
Major Support Level – $13.00
Major Resistance Level – $14.00
Charts courtesy – Trading View
