- Ethereum classic price extended its recent decline and traded towards $10.50 against the US Dollar.
- There is a crucial bearish trend line forming with resistance at $10.90 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might decline further, but the $10.00 support holds a lot of importance in the near term.
Ethereum classic price is under pressure against the US Dollar and Bitcoin. ETC/USD needs to hold the $10.00-10.50 support to avoid heavy declines.
Ethereum Classic Price Support
There was no major recovery in ETC price as it failed to move above $12.00 against the US Dollar. The price traded lower and broke the $11.80 support area to settle below the 100 hourly simple moving average. A low was formed recently at $10.48 where buyers appeared. At the moment, the price is consolidating near $10.50 and remains at a risk of more declines.
On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $11.50 high to $10.48 low. The most important hurdle is near a crucial bearish trend line with resistance at $10.90 on the hourly chart of the ETC/USD pair. The same trend line is positioned with the 50% Fib retracement level of the last decline from the $11.50 high to $10.48 low. Moreover, the 100 hourly SMA is at $11.00.
Therefore, the $10.90-11.00 region will most likely act as a major resistance in the near term. Once there is a close above $11.00, the price might head towards the next resistance close to the $12.00 handle. On the downside, the $10.00 level is the most important support and pivot area for ETC buyers.
Hourly MACD – The MACD is still in the bearish zone with negative signs.
Hourly RSI – The RSI is well below the 50 level and heading lower.
Major Support Level – $10.00
Major Resistance Level – $11.00
Charts courtesy – Trading View, Kraken