Key Highlights
- Ethereum classic price started a fresh decline after trading close to $5.30 against the US dollar.
- There was a break below a major bullish trend line with support at $4.60 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is now at a risk of more losses below the $4.40 and $4.20 levels.
Ethereum classic price declined sharply against the US Dollar and Bitcoin. ETC/USD is back in a bearish zone and it could revisit the $4.00 support level.
Ethereum Classic Price Analysis
This past week, there was a decent recovery above $4.80 in ETC price against the US dollar. The ETC/USD pair traded above the $5.00 and $5.20 resistance levels. A high was formed at $5.27 and later the price started a fresh decline. It traded lower sharply and broke the $5.00 support and the 100 hourly simple moving average. There was even a break below the 76.4% Fib retracement level of the last wave from the $4.40 low to $5.27 high.
Moreover, there was a break below a major bullish trend line with support at $4.60 on the hourly chart of the ETC/USD pair. The pair is currently trading near the $4.40 low, which is acting as a support. If the price continues to move down, it could test the $4.20 support. It coincides with the 1.236 Fib extension level of the last wave from the $4.40 low to $5.27 high. However, the key support is near the $4.00-4.05 zone where buyers are likely to emerge. If the price corrects higher, the previous supports at $4.50 and $4.75 are likely to prevent gains.
The chart suggests that ETC price is back in a bearish zone with a close below $5.00 and 100 SMA. The next stop for sellers could be either $4.20 or $4.05.
Hourly MACD – The MACD for ETC/USD is slowly moving back in the bullish zone.
Hourly RSI – The RSI for ETC/USD is recovering towards the 45 level.
Major Support Level – $4.20
Major Resistance Level – $4.75
