Key Highlights
- Ethereum classic price failed to settle above $14.00 and declined sharply against the US dollar.
- There was a break below an important bullish trend line with support at $14.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair declined towards the $11.00 level and it remains at a risk of more losses towards the $10.00 level.
Ethereum classic price is back in a bearish zone against the US Dollar and Bitcoin. ETC/USD is likely to decline back towards the $10.00 level in the near term.
Ethereum Classic Price Dropped Heavily
After a decent upside move above the $14.00 level, ETC price faced sellers near $14.20 against the US dollar. The ETC/USD pair started a sharp downside move and broke the $14.00 and $12.00 support levels. The price even settled below the $12.00 support and the 100 hourly simple moving average. It seems like a crucial medium term top was formed near the $14.40 level.
During the decline, there was a break below an important bullish trend line with support at $14.00 on the hourly chart of the ETC/USD pair. The pair traded as low as $11.03 and it is currently consolidating. An initial resistance is near the $11.75 level. Moreover, the 23.3% Fib retracement level of the last decline from the $14.23 high to $11.03 low is also near the same zone. Additionally, there is a connecting bearish trend line in place with resistance at $11.60 on the same chart.
The chart suggests that ETC price is back in a bearish zone below $12.00. If it corrects higher, it could face sellers near $11.60, $11.80 and $12.00. The next major hurdle is near the 50% Fib retracement level of the last decline from the $14.23 high to $11.03 low at $12.63. On the downside, sellers could eye a test of the $10.00 support.
Hourly MACD – The MACD for ETC/USD is back in the bearish zone.
Hourly RSI – The RSI for ETC/USD is currently well below the 35 level.
Major Support Level – $11.00
Major Resistance Level – $12.00
