Ethereum Classic Price Technical Analysis – ETC/USD To Correct Further

Key Highlights

• Ethereum classic price is correcting lower from the $19.50-60 levels against the US Dollar.
• There is a new connecting bearish trend line forming with resistance at $18.60 on the hourly chart of ETC/USD (Data feed via Kraken).
• The pair could decline towards the $18.00-17.50 levels before moving up once again.

Ethereum classic price is correcting lower against the US Dollar and Bitcoin. ETC/USD might retest $18.00 before moving back higher.

Ethereum Classic Price Correction

This week, ETC price started a decent recovery and moved above the $17.50 level against the US Dollar. The price followed a decent upside momentum and traded as high as $19.69. It seems like the price struggled to break the 38.2% Fib retracement level of the last drop from the $24.05 high to $16.21 low. As a result, there is a new tiny correction wave initiated. The price has slowly moved down below the 23.6% Fib retracement level of the last wave from the $16.21 low to $19.69 high.

The price is now approaching the $18.00 support, which is just below the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last wave from the $16.21 low to $19.69 high is at $17.99. Therefore, if the price continue to move down, it could find support near $18.00. On the upside, there is a new connecting bearish trend line forming with resistance at $18.60 on the hourly chart of ETC/USD.

A break above the trend line resistance at $18.60 would open the doors for a retest of $20.00. The overall bias is still positive as long as the price is above $18.00-17.50. Buying dips near $18.00 can be considered, but with a very low risk and tight stop.

Hourly MACD – The MACD has slightly moved in the bearish zone.

Hourly RSI – The RSI has moved below the 50 level.

Major Support Level – $18.00

Major Resistance Level – $18.60

 

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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