Key Highlights
- Ethereum classic price declined further and even broke $4.00 against the US dollar.
- There is a key bearish trend line formed with resistance at $4.10 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is likely to find sellers near $4.10, $4.20 and $4.40 if there is an upside correction.
Ethereum classic price extended losses against the US Dollar and Bitcoin. ETC/USD remains sell on rallies if there is a recovery towards the $4.40 level.
Ethereum Classic Price Analysis
In the last analysis, we discussed that ETC price could revisit the $4.00 level against the US dollar. The ETC/USD pair did trade lower and broke the $4.50 and $4.25 support levels. The price settled below the $4.40 support and the 100 hourly simple moving average. There decline was such that the price even broke the $4.00 support level. A new yearly low was formed at $3.91 and the price remains in a bearish zone.
An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $4.71 high to $3.91 low. Moreover, there is a key bearish trend line formed with resistance at $4.10 on the hourly chart of the ETC/USD pair. If there is a break above the trend line, the price could trade towards the $4.40 resistance. An intermediate resistance is the 50% Fib retracement level of the recent decline from the $4.71 high to $3.91 low. If there is an upside correction above $4.10 or $4.20, the price could face a strong selling interest near the $4.40 level.
The chart suggests that ETC price is faced an increased selling pressure below $4.40. After a short term correction, the price is likely to resume its decline below the $4.00 and $3.90 levels.
Hourly MACD – The MACD for ETC/USD is currently slightly placed in the bullish zone.
Hourly RSI – The RSI for ETC/USD is slowly moving higher towards the 50 level.
Major Support Level – $4.00
Major Resistance Level – $4.40
