- Ethereum classic price finally broke an important pattern and traded towards $14.50 against the US Dollar.
- This past week’s major contracting triangle pattern with support at $16.90 on the hourly chart (data feed via Kraken) of ETC/USD was breached.
- The price corrected lower after trading as low as $14.47, but failed to regain the bullish bias.
Ethereum classic price moved down in the bearish zone against the US Dollar and Bitcoin, and ETC/USD now positioning for more declines below $16.50.
Ethereum Classic Price Resistance
This past week, we followed a major contracting triangle pattern with support at $16.90 on the hourly chart (data feed via Kraken) of ETC/USD. There were many swing moves inside the triangle, but later ETC price lost momentum and declined below $16.80. There was a break of the $16.50 and $15.20 support area. A new weekly low was formed at $14.47 from where a minor recovery was initiated.
The price traded above the 50% Fib retracement level of the last decline from the $17.65 high to $14.47 low. However, the upside move was protected by $16.80 and the 100 hourly simple moving average. The price failed just above the 61.8% Fib retracement level of the last decline from the $17.65 high to $14.47 low. Later, a new downside wave was initiated, and price is currently looking to retest $15.00.
If sellers remain in control, there is a chance of ETC retesting even the last swing low at $14.47. On the upside, the $16.50 resistance and the 100 hourly simple moving average are major barrier. Only an hourly close above $17.00 might negate the current bearish bias. Selling rallies towards the 100 hourly simple moving average and $16.50 might be considered in the short term.
Hourly MACD – The MACD is gaining pace in the bearish zone.
Hourly RSI – The RSI is recovering from the oversold levels.
Major Support Level – $15.00
Major Resistance Level – $16.50
Charts courtesy – Trading View, Kraken
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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