Ethereum Classic Price Technical Analysis – Can ETC/USD Hold $10?

Key Highlights

• Ethereum classic price extended its recent decline and traded towards $10.50 against the US Dollar.
• There is a crucial bearish trend line forming with resistance at $10.90 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
• The pair might decline further, but the $10.00 support holds a lot of importance in the near term.

Ethereum classic price is under pressure against the US Dollar and Bitcoin. ETC/USD needs to hold the $10.00-10.50 support to avoid heavy declines.

Ethereum Classic Price Support

There was no major recovery in ETC price as it failed to move above $12.00 against the US Dollar. The price traded lower and broke the $11.80 support area to settle below the 100 hourly simple moving average. A low was formed recently at $10.48 where buyers appeared. At the moment, the price is consolidating near $10.50 and remains at a risk of more declines.

On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $11.50 high to $10.48 low. The most important hurdle is near a crucial bearish trend line with resistance at $10.90 on the hourly chart of the ETC/USD pair. The same trend line is positioned with the 50% Fib retracement level of the last decline from the $11.50 high to $10.48 low. Moreover, the 100 hourly SMA is at $11.00.

Therefore, the $10.90-11.00 region will most likely act as a major resistance in the near term. Once there is a close above $11.00, the price might head towards the next resistance close to the $12.00 handle. On the downside, the $10.00 level is the most important support and pivot area for ETC buyers.

Hourly MACD – The MACD is still in the bearish zone with negative signs.

Hourly RSI – The RSI is well below the 50 level and heading lower.

Major Support Level – $10.00

Major Resistance Level – $11.00

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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