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Key Highlights
- Ethereum classic price declined sharply recently and tested an important support near $26.10 against the US dollar.
- There are two important bearish trend lines forming with resistance near $28.50 and $29.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair may correct higher in the near term, but it won’t be easy to break $29.50.
Ethereum classic price declined substantially against the US Dollar and Bitcoin. ETC/USD is currently testing an important support above $26.00 and it may correct higher.
Ethereum Classic Price Support
There was a new downside wave initiated from the $34.50 swing high in ETC price against the US dollar. The price traded lower and settled below a few key support levels such as $32.00 and $30.00. There was also a break below the $28.00 support and a close below the 100 hourly simple moving average. ETC traded as low as $26.10, which represents a major support area for buyers.
At the moment, the price is correcting higher from $26.10. An initial resistance is around the 23.6% Fib retracement level of the last drop from the $31.32 high to $26.10 low. However, the most important hurdles is around $28.50. There are two important bearish trend lines forming with resistance near $28.50 and $29.50 on the hourly chart of the ETC/USD pair. Moreover, the 50% Fib retracement level of the last drop from the $31.32 high to $26.10 low is also near $28.40. Therefore, it seems like the $28.50 and $29.50 levels are crucial barriers for buyers in the near term.
On the downside, the $26.10-00 region is a major support. A break and close below the stated $26.00 support could push the price towards the $25.00 handle.
Hourly MACD – The MACD for ETC/USD is attempting to move back in the bullish zone.
Hourly RSI – The RSI for ETC/USD is moving higher from the 35 level.
Major Support Level – $26.00
Major Resistance Level – $29.50
Charts courtesy – Trading View
