Ethereum Classic Price Analysis: Can ETC/USD Break This?

Key Highlights

  • Ethereum classic price declined recently and traded as low as $15.67 against the US dollar.
  • There is a major bearish trend line formed with resistance near $16.35 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair may perhaps struggle to break the $16.40 and $16.60 resistance levels in the near term.

Ethereum classic price is in a bearish trend against the US Dollar and Bitcoin. ETC/USD has to surpass the $16.60 resistance to start a decent recovery.

Ethereum Classic Price Decline

There were heavy losses this week in ETC price as it moved below the $17.00 support against the US dollar. The ETC/USD pair even broke the $16.00 support and settled well below the 100 hourly simple moving average. It traded as low as $15.67 and is currently struggling to recover. There was a minor upside move, but buyers faced hurdles near $16.60-70. Moreover, there was no close above the 23.6% Fib retracement level of the last drop from the $18.80 high to $15.67 low.

More importantly, there is a major bearish trend line formed with resistance near $16.35 on the hourly chart of the ETC/USD pair. The pair is slowly moving lower and is holding the $16.00 support area. On the upside, a break above the trend line and $16.40 resistance could clear the path for a decent recovery. However, there is also a crucial resistance and a pivot zone at $16.60-70. The price must break the stated pivot zone to stage a comeback above the $17.00 level.

The chart suggests that the price is finding it tough to clear the trend line at $16.35-40. On the downside, the $16.00 level is an initial support. Below this, the price may perhaps retest the $15.70 low or it could even break towards $15.50.

Hourly MACD – The MACD for ETC/USD is slowly moving in the bearish zone.

Hourly RSI – The RSI for ETC/USD is currently well below the 50 level.

Major Support Level – $15.70

Major Resistance Level – $16.60

Source link

Spread the love

Related posts

Leave a Comment