Ethereum Classic Price Technical Analysis – ETC/USD To Retest $11?

Key Highlights

• Ethereum classic price struggled to settle above the $13.00 level against the US Dollar, and is moving lower.
• There is a declining contracting triangle pattern with resistance at $11.50 forming on the hourly chart of ETC/USD (Data feed via Kraken).
• The pair might decline further and could even test the $11.00 support in the near term.

Ethereum classic price is correcting lower against the US Dollar and Bitcoin. ETC/USD might extend declines as sellers eye a test of the $11.00 level.

Ethereum Classic Price Resistance

There was a decent recovery from the $8.70 low in ETC price against the US Dollar. The price traded above the $12.00 ad $13.00 resistance levels. However, sellers appeared near $13.15 and protected further gains. There was no proper close above $13.00 and the price started correcting lower. There was a break of the 23.6% Fib retracement level of the last wave from the $8.70 low to $13.13 high.

At the moment, the price is attempting a close below $13.50 and the 100 hourly simple moving average. Moreover, the 38.2% Fib retracement level of the last wave from the $8.70 low to $13.13 high is also at risk. It seems like there is a declining contracting triangle pattern with resistance at $11.50 forming on the hourly chart of ETC/USD. If the pair remains below the $12.00 handle the 100 hourly SMA, it could test the channel support near $11.00.

The channel support also coincides with the 50% Fib retracement level of the last wave from the $8.70 low to $13.13 high. A close below $11.00 would be a bearish sign and could push the price towards $10.00. On the upside, a close above $12.50 is required for sustained gains.

Hourly MACD – The MACD is almost flat with no major direction.

Hourly RSI – The RSI is well below 50 level.

Major Support Level – $11.00

Major Resistance Level – $12.50

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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