Ethereum Classic Price Technical Analysis – ETC/USD Facing Tough Barrier

Key Highlights

• Ethereum classic price followed ETH and declined heavily to trade near $12.00 against the US Dollar.
• There is a major bearish trend line with resistance at $14.50 formed on the hourly chart of ETC/USD (Data feed via Kraken).
• The price is currently correcting higher, but facing a major resistance near $15.00.

Ethereum classic price followed ETH’s declining path versus the Bitcoin, and ETC/USD is currently facing a tough barrier near $15.00.

Ethereum Classic Price Decline

This week turned out to be super bearish for ETC price as it moved below a major support area of $15.00 against the US Dollar. The downside move was sharp, as the price declined towards $12.00 and traded as low as $11.95. It seems like the recent pressure on ETH/USD and BTC/USD has ignited declines in ETC as well. The price started a correction from the $12.00 swing low. It traded above the 38.2% Fib retracement level of the last decline from the decline from the $17.25 high to $11.95 low.

However, the upside move was protected by the $15.0 pivot. It also coincided with the 61.8% Fib retracement level of the last decline from the decline from the $17.25 high to $11.95 low. On the upside, there is major bearish trend line with resistance at $14.50 formed on the hourly chart of ETC/USD. Even if the price trades above the trend line resistance, it faces a major barrier near $15.00. The stated level might continue to prevent gains above $15.50.

Furthermore, the 100 hourly simple moving average is also waiting near $15.25 to act as a resistance. Overall, there are many hurdles near $15.00 and it won’t be easy for buyers to break it. On the downside, the $12.00 level is a major weekly support.

Hourly MACD – The MACD is attempting a recovery.

Hourly RSI – The RSI is currently moving higher, but remains below the 50 level.

Major Support Level – $12.00

Major Resistance Level – $15.00

Charts courtesy – Trading View, Kraken

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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