Ethereum Classic Price Technical Analysis – ETC/USD Downtrend Intact

Key Highlights

  • Ethereum classic price fell below the $10.00 handle recently against the US Dollar.
  • There is a major bearish trend line forming with resistance at $10.40 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair is struggling to break the $10.40-10.50 resistance and remains at risk of more declines.

Ethereum classic price struggle to move higher continues against the US Dollar and Bitcoin. ETC/USD is facing a major resistance near $10.40-10.50.

Ethereum Classic Price Resistance

There was a downside reaction towards $10.00 in ETC price against the US Dollar. The price even broke the $10.00 handle and traded as low as $9.70. Later, the price started an upside correction and traded above the 23.6% Fib retracement level of the last drop from the $11.00 high to $9.70 low. However, buyers were seen struggling near the $10.40 resistance, which was a support earlier.

There was a rejection near the 50% Fib retracement level of the last drop from the $11.00 high to $9.70 low at $10.35. Above $10.35, there is a major bearish trend line forming with resistance at $10.40 on the hourly chart of the ETC/USD. More importantly, the 100 hourly simple moving average is also near the $10.45 to prevent upsides in the near term. A close above the 100 hourly SMA and the $10.40 level is required for buyers to gain control in the near term.

Ethereum Classic Price Technical Analysis ETC USD

The most important resistance on the upside is at $11.00, which a crucial pivot region. On the downside, the $10.00 level is a good support followed by the recent low of $9.70. Below the mentioned $9.70, the pair might head towards the next major support at $9.20. Overall, ETC remains a short-term sell near $10.40 and $11.00.

Hourly MACD – The MACD is slightly in the bullish zone.

Hourly RSI – The RSI is moving north and is above the 50 level.

Major Support Level – $10.00

Major Resistance Level – $10.40

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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Source: Newsbtc

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