Key Highlights
- Ethereum classic price extended losses and traded towards the $8.75 level against the US dollar.
- This week’s followed important bearish trend line is intact with resistance at $9.25 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair may recover a few points, but it is likely to face sellers near $9.20 and $9.25.
Ethereum classic price declined further against the US Dollar and Bitcoin. ETC/USD remains in a downtrend as long as the price is below $9.30.
Ethereum Classic Price Analysis
There were additional losses noted below the $9.00 support in ETC price against the US dollar. The ETC/USD pair declined towards the $8.75 level and settled below the 100 hourly simple moving average. The price traded as low as $8.74 and later started an upside correction. It moved above the 23.6% Fib retracement level of the last slide from the $9.60 high to $8.74 low.
However, the price struggled to move above the $9.00 resistance. The 100 hourly simple moving average is positioned near $9.15 to act as a resistance. Besides, the 50% Fib retracement level of the last slide from the $9.60 high to $8.74 low is also near $9.15. More importantly, this week’s followed important bearish trend line is intact with resistance at $9.25 on the hourly chart of the ETC/USD pair. Therefore, if the pair continues to move higher, it is likely to face sellers near $9.20 and $9.25. Only a close above the trend line and the $9.30 level could push the price back towards the $10.00 resistance.
The chart suggests that ETC price is following a downtrend from the $10.00 swing high. If it fails to recover above the $9.30 level, there could be renewed selling pressure. The main supports on the downside are $8.75 and $8.60.
Hourly MACD – The MACD for ETC/USD is about to move back in the bearish zone.
Hourly RSI – The RSI for ETC/USD just moved below the 50 level.
Major Support Level – $8.75
Major Resistance Level – $9.25
