Key Highlights
- Ethereum classic price declined further and broke the $9.40 support against the US dollar.
- There is a major bearish trend line in place with resistance at $9.35 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair may correct higher in the short term, but sellers remain in control near $9.30 and $9.40.
Ethereum classic price fell sharply against the US Dollar and Bitcoin. ETC/USD remains sell on rallies near the $9.30 and $9.40 resistance levels.
Ethereum Classic Price Analysis
In the last analysis, we discussed that ETC price remains sell on rallies below $10.00 against the US dollar. The ETC/USD pair remained in a bearish zone and it declined below the $9.50 and $9.40 support levels. The recent decline was such that the price even broke the $9.00 support and settled below the 100 hourly simple moving average. A low was formed at $8.81 before the price started an upside correction.
It moved above the 23.6% Fib retracement level of the recent decline from the $9.60 high to $8.81 low. It seems like the pair may correct further higher, but there are many hurdles near $9.20, $9.30 and $9.40. There is also a major bearish trend line in place with resistance at $9.35 on the hourly chart of the ETC/USD pair. Moreover, the 50% Fib retracement level of the recent decline from the $9.60 high to $8.81 low is near $9.20 to act as a solid resistance. Therefore, if the price corrects higher, it could face sellers near $9.20, $9.30 and $9.40.
The chart suggests that ETC price is back in a bearish zone below the $10.00 handle. On the downside, a proper break and close below the $9.00 level may push the price towards the $8.50 level.
Hourly MACD – The MACD for ETC/USD is currently moving in the bullish zone.
Hourly RSI – The RSI for ETC/USD is still well below the 50 level.
Major Support Level – $9.00
Major Resistance Level – $9.30
