- Ethereum classic price declined towards $11.50 and even tested the $11.00 support against the US Dollar.
- There is a new connecting bearish trend line forming with resistance at $11.40 on the hourly chart of ETC/USD (Data feed via Kraken).
- The pair might continue to move down and remains poised to retest the $11.00 handle.
Ethereum classic price is struggling to move higher against the US Dollar and Bitcoin. ETC/USD might decline once again towards the $11.00 level.
Ethereum Classic Price Decline
In the last analysis, I mentioned that there is a chance of ETC price retesting the $11.50 level against the US Dollar. The price not only tested the $11.50, but also broke the stated level. It moved towards the $11.00 support and formed a low at $11.02. Later, a recovery was initiated above the 23.6% Fib retracement level of the last decline from the $12.48 high to $11.02 low.
However, the upside move was capped by the $11.60 resistance. Moreover, the 38.2% Fib retracement level of the last decline from the $12.48 high to $11.02 low also prevented further gains. It seems like there is a new connecting bearish trend line forming with resistance at $11.40 on the hourly chart of ETC/USD. The trend line resistance might continue to prevent gains above $11.40. If there is no break above $11.40-11.50, the price could retest the $11.00 support area.
The current bias is bearish below $12.00 in the short term. Only a successful close above $12.00 and the 100 hourly simple moving average would put the price back in the bullish zone. On the downside, the $11.00 support remains a major barrier for sellers followed by the next support at $10.20.
Hourly MACD – The MACD is placed well in the bearish zone.
Hourly RSI – The RSI is well below the 50 level and heading south.
Major Support Level – $11.00
Major Resistance Level – $11.50
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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