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Ethereum Classic Price Technical Analysis – ETC/USD To Extend Declines


Ethereum classic price is back in the bearish zone against the US Dollar and Bitcoin. ETC/USD now faces resistances near $15.80 and $16.00 on the upside.

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Key Highlights

  • Ethereum classic price failed near the $16.20 resistance area against the US Dollar and declined.
  • The last analysis highlighted bearish trend line with current resistance at $15.80 on the hourly chart of ETC/USD (Data feed via Kraken) is intact.
  • The pair might move a few points higher, but it is likely to face sellers near $15.80-16.00.

Ethereum classic price is back in the bearish zone against the US Dollar and Bitcoin. ETC/USD now faces resistances near $15.80 and $16.00 on the upside.

Ethereum Classic Price Upside Hurdles

In the last analysis, I pointed out a major hurdle for ETC price near $16.50 against the US Dollar. The price attempted a minor correction towards $16.50, but failed to gain momentum. It traded close to the $16.50 level, faced heavy offers and started a downside move. The upside move was also protected by $16.40 and the 100 hourly simple moving average.

It seems like the price is back in the bearish zone since it broke the $15.00 support area. The downside move was such that the price even cleared the last swing low of $14.75. It has opened the doors for more losses with a new low as $14.24. If there is a correction from the current levels, an initial resistance is around the 23.6% Fib retracement level of the last drop from the $16.50 high to $14.24 low.

Moreover, the last analysis highlighted bearish trend line with current resistance at $15.80 on the hourly chart of ETC/USD is also active. The trend line at $15.80 and the 100 hourly simple moving average are major upside barriers for buyers. Selling rallies in the short term towards $15.50 or $15.80 can be considered with a stop above $16.00.

Hourly MACD – The MACD is placed well in the bearish zone.

Hourly RSI – The RSI has reached the oversold levels.

Major Support Level – $14.00

Major Resistance Level – $15.80

 

Charts courtesy – Trading View, Kraken

Article Original

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