- Ethereum classic price is back in the bearish zone below $12.00 against the US Dollar.
- The ETC/USD pair is about to break a contracting triangle support at $11.50 on the hourly chart (Data feed via Kraken).
- The pair might continue to decline and could even test the $11.10-11.00 area.
Ethereum classic price is slowly moving down against the US Dollar, and fell sharply versus Bitcoin. ETC/USD might extend declines below $11.50.
Ethereum Classic Price Resistance
There was no upside move in ETC price above the $12.00 against the US Dollar. The price started a downside move after correcting towards the $12.00 level. Before the mentioned failure, there was a break above the 50% Fib retracement level of the last leg down from the $12.50 high to $11.02 low. However, the price failed to clear the $12.00 handle and a bearish trend line.
Moreover, the 61.8% Fib retracement level of the last leg down from the $12.50 high to $11.02 low acted as a hurdle. As a result, there was a downside reaction, and the ETC/USD pair might soon break a contracting triangle support at $11.50 on the hourly chart. The pair is currently well below the $11.80 resistance and the 100 hourly simple moving average. Therefore, there is a chance of ETC testing the $11.10 or $11.00 level in the near term.
On the upside, the trend line resistance near $11.70 might continue to stop the upside move. A proper close above the $12.00 handle and the 100 hourly SMA is needed for buyers to gain momentum. Otherwise, there can be more declines and the price could even break the $11.00 handle for a move towards $10.50.
Hourly MACD – The MACD is gaining pace in the bearish zone.
Hourly RSI – The RSI is currently well below the 50 level and gaining downside momentum.
Major Support Level – $11.00
Major Resistance Level – $11.80
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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