- Ethereum classic price failed to overcome selling pressure near $12.50 against the US Dollar and moved down.
- There was a break below a key bullish trend line with support at $12.20 on the hourly chart of ETC/USD (Data feed via Kraken).
- The pair might continue to decline and it could even test the $11.50 support area.
Ethereum classic price is again moving lower against the US Dollar and Bitcoin. ETC/USD might soon retest the last swing low of $11.50.
Ethereum Classic Price Resistance
There was a nice upside move in ETC price this past week above the $12.00 handle against the US Dollar. The price traded above the $12.20 level, but failed to break the $12.50 resistance. There were two attempts to surpass $12.50, but buyers failed to gain momentum. As a result, there was a downside move and the price broke the $12.40 support.
There was a clear break below a key bullish trend line with support at $12.20 on the hourly chart of ETC/USD. The pair also surpassed the 38.2% Fib retracement level of the last wave from the $11.50 low to $12.49 high and the 100 hourly simple moving average. It has opened the doors more losses and the pair traded below the $12.00 handle. There was even a break of the 50% Fib retracement level of the last wave from the $11.50 low to $12.49 high.
These are bearish signs and the pair now looks set to decline further. If the current momentum stays intact, there is a chance of a downside break towards the last swing low of $11.50. Selling rallies close to the $12.20-40 levels can be considered in the short term as long as there is no close above the 100 hourly SMA.
Hourly MACD – The MACD is now in the bearish zone.
Hourly RSI – The RSI has reached the oversold levels.
Major Support Level – $11.50
Major Resistance Level – $12.20
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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