Ethereum Classic Price Technical Analysis – ETC/USD Nosedives

Key Highlights

• Ethereum classic price failed to hold the $14.00 support area against the US Dollar and moved down.
• There are two bearish trend lines forming with resistance at $13.60 and $14.00 on the hourly chart of ETC/USD (Data feed via Kraken).
• The price may struggle to move higher and could even trade towards the $12.80 level.

Ethereum classic price fell and remains under pressure against the US Dollar and Bitcoin. ETC/USD is currently below $14.00, eyeing a break of $13.00.

Ethereum Classic Price Decline

This week is turning out to be super bearish with a break of $14.00 in ETC price against the US Dollar. The past 2-3 days were bearish for ETC as it moved below two key support levels at $15.00 and $14.00. Every recovery was capped and Bitcoin price rise above $4000 added to the bearish pressure. ETC consolidated above the $14.00 level for some time, but eventually sellers were able to break the stated level.

The price declined and traded towards the $13.00 handle that provided support. At the moment, the price is recovering above the 23.6% Fib retracement level of the last decline from the $14.60 high to $13.01 low. There are two bearish trend lines forming with resistance at $13.60 and $14.00 on the hourly chart of ETC/USD. The second trend line is more important at $14.00 since it is positioned with the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last decline from the $14.60 high to $13.01 low is at $13.80.

Therefore, it seems like the $13.80-14.00 area is a major resistance zone. Any upside move remains an opportunity to sell near $14.00 in the near term.

Hourly MACD – The MACD is attempting to settle in the bullish zone.

Hourly RSI – The RSI is currently well below the 50 level, signaling losses.

Major Support Level – $13.00

Major Resistance Level – $14.00

 

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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