Ethereum Classic Price Technical Analysis – ETC/USD Tanks Below

Key Highlights

• Ethereum classic price nosedived and traded below the $10.00 support against the US Dollar.
• There are two bearish trend lines with resistance at $11.00 and $12.50 forming on the hourly chart of ETC/USD (Data feed via Kraken) is intact.
• The pair might correct a few points higher, but it is likely to face sellers near $11.00-11.70.

Ethereum classic price breaks down against the US Dollar and Bitcoin. ETC/USD is now below $11 and eyes a close of $10.

Ethereum Classic Price Nosedives

There were continuous bearish pressures on ETC and the price declined below the $12.50 level against the US Dollar. The decline was such that the price failed to hold the $11.00 support level as well. There was a tiny correction, but the upside was capped by the $11.70 level. The pair is now trading well below the $11.00 level and struggling to hold any support as of now.

It is currently trading just above the $10.00 support and buyers finding it hard to protect it. It seems like the price would soon break the stated $10.00 level and trade towards $10.00. The overall trend is very bearish and any upsides remain capped by $11.00. There are also two bearish trend lines with resistance at $11.00 and $12.50 forming on the hourly chart of ETC/USD. Moreover, the 23.6% Fib retracement level of the last drop from the $14.50 high to $9.96 low.

However, the price might not correct towards $11.00. If sellers remain in action, there can be a close below $10.00 for a move towards $9.00. The next major support sits at $8.00. Overall, selling rallies near $11.00 can be considered in the short term with a stop above $11.70.

Hourly MACD – The MACD is gaining momentum in the bearish zone.

Hourly RSI – The RSI is well into the oversold levels.

Major Support Level – $8.00

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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