Key Highlights
- Ethereum classic price declined from the $13.50 swing high and broke $13.00 against the US dollar.
- There was a break below a major bullish trend line with support at $12.60 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair spiked below the $12.00 support and formed a low at $11.89 before finding support.
Ethereum classic price fell below important supports against the US Dollar and Bitcoin. ETC/USD found support below $12.00 and it is currently consolidating losses.
Ethereum Classic Price Support
There was a rejection above the $13.40 level in ETC price against the US dollar. The ETC/USD pair declined sharply and broke the $13.00 and $12.80 support levels. The decline was such that the price broke the $12.50 support and settled below the 100 hourly simple moving average. Moreover, there was a spike below the $12.00 level and traded as low as $11.89.
Besides, there was a break below a major bullish trend line with support at $12.60 on the hourly chart of the ETC/USD pair. The pair found support near the $11.90 level and it is currently consolidating losses. The price tested the 23.6% Fib retracement level of the last decline from the $13.49 high to $11.89 low. However, upsides were capped near the $12.40 level. Above this, the next major hurdle is near the $12.70 level, which is close to the 100 hourly simple moving average. The 50% Fib retracement level of the last decline from the $13.49 high to $11.89 low is also near $12.70. Therefore, upsides are likely to be capped near $12.70 and $12.80 levels.
The chart suggests that ETC price must stay above the $11.80 level to avoid any further slides. Below this, the price may perhaps trade back towards the $11.50 level.
Hourly MACD – The MACD for ETC/USD is back in the bearish zone.
Hourly RSI – The RSI for ETC/USD is now well below the 40 level.
Major Support Level – $11.80
Major Resistance Level – $12.80
