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Home Technical analysis

Ethereum Classic Price Tech Analysis – ETC/USD Nosedives

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis, Cryptocurrency news
Reading Time: 2min read
Ethereum Classic Price Technical Analysis ETC USD
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Key Highlights

  • Ethereum classic price failed to hold the $14.00 support area against the US Dollar and moved down.
  • There are two bearish trend lines forming with resistance at $13.60 and $14.00 on the hourly chart of ETC/USD (Data feed via Kraken).
  • The price may struggle to move higher and could even trade towards the $12.80 level.

Ethereum classic price fell and remains under pressure against the US Dollar and Bitcoin. ETC/USD is currently below $14.00, eyeing a break of $13.00.

Ethereum Classic Price Decline

This week is turning out to be super bearish with a break of $14.00 in ETC price against the US Dollar. The past 2-3 days were bearish for ETC as it moved below two key support levels at $15.00 and $14.00. Every recovery was capped and Bitcoin price rise above $4000 added to the bearish pressure. ETC consolidated above the $14.00 level for some time, but eventually sellers were able to break the stated level.

The price declined and traded towards the $13.00 handle that provided support. At the moment, the price is recovering above the 23.6% Fib retracement level of the last decline from the $14.60 high to $13.01 low. There are two bearish trend lines forming with resistance at $13.60 and $14.00 on the hourly chart of ETC/USD. The second trend line is more important at $14.00 since it is positioned with the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last decline from the $14.60 high to $13.01 low is at $13.80.

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Ethereum Classic Price Technical Analysis ETC USD

Therefore, it seems like the $13.80-14.00 area is a major resistance zone. Any upside move remains an opportunity to sell near $14.00 in the near term.

Hourly MACD – The MACD is attempting to settle in the bullish zone.

Hourly RSI – The RSI is currently well below the 50 level, signaling losses.

Major Support Level – $13.00

Major Resistance Level – $14.00

 

Charts courtesy – Trading View, Kraken

Tags: ETCETC to USDethereumEthereum ClassicEthereum Classic PriceEthereum Classic Price Technical AnalysisOpinionpricetrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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