Ethereum Classic Price Technical Analysis – ETC/USD To Extend Declines

Key Highlights

• Ethereum classic price failed near the $16.20 resistance area against the US Dollar and declined.
• The last analysis highlighted bearish trend line with current resistance at $15.80 on the hourly chart of ETC/USD (Data feed via Kraken) is intact.
• The pair might move a few points higher, but it is likely to face sellers near $15.80-16.00.

Ethereum classic price is back in the bearish zone against the US Dollar and Bitcoin. ETC/USD now faces resistances near $15.80 and $16.00 on the upside.

Ethereum Classic Price Upside Hurdles

In the last analysis, I pointed out a major hurdle for ETC price near $16.50 against the US Dollar. The price attempted a minor correction towards $16.50, but failed to gain momentum. It traded close to the $16.50 level, faced heavy offers and started a downside move. The upside move was also protected by $16.40 and the 100 hourly simple moving average.

It seems like the price is back in the bearish zone since it broke the $15.00 support area. The downside move was such that the price even cleared the last swing low of $14.75. It has opened the doors for more losses with a new low as $14.24. If there is a correction from the current levels, an initial resistance is around the 23.6% Fib retracement level of the last drop from the $16.50 high to $14.24 low.

Moreover, the last analysis highlighted bearish trend line with current resistance at $15.80 on the hourly chart of ETC/USD is also active. The trend line at $15.80 and the 100 hourly simple moving average are major upside barriers for buyers. Selling rallies in the short term towards $15.50 or $15.80 can be considered with a stop above $16.00.

Hourly MACD – The MACD is placed well in the bearish zone.

Hourly RSI – The RSI has reached the oversold levels.

Major Support Level – $14.00

Major Resistance Level – $15.80

 

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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