Ethereum Classic Price Technical Analysis – ETC/USD Under Pressure

Key Highlights

• Ethereum classic price failed to remain in the bullish and moved below $16.00 against the US Dollar.
• There is a new connecting bearish trend line with resistance at $15.60 forming on the hourly chart of ETC/USD (Data feed via Kraken).
• The price might continue to move down and could even test the $15.00-14.80 support zone.

Ethereum classic price is following a bearish path versus the US Dollar and Bitcoin. ETC/USD may soon test the all-important $15.00-14.80 support zone.

Ethereum Classic Price Support

Recently, ETC price managed to move above the $16.00 handle against the US Dollar. The price traded above the 100 hourly simple moving average and traded towards the $16.50 level. However, it failed to retain the bullish momentum, faced sellers and moved down below $16.00. The price tested the $15.00-14.80 support zone once and bounced back. However, it failed to stay above the 16.00 level and the 100 hourly simple moving average.

A new connecting bearish trend line with resistance at $15.60 on the hourly chart of ETC/USD protected gains. The pair is now below the 50% Fib retracement level of the last wave from the $14.82 low to $15.97 high. There is a chance that the price might continue to move down towards the $15.00-14.80 support zone. On the upside, an initial resistance is around the $15.40 level and the 100 hourly simple moving average.

On the downside, the $15.00-14.80 support zone holds a lot of importance. Either one may consider selling near $15.60 or buy in the short term near $14.80 with a tight stop. It seems like the price may consolidate above $14.80 before making the next move.

Hourly MACD – The MACD is moving to and fro in the bearish zone.

Hourly RSI – The RSI is currently well below the 50 level and looks set to extend declines.

Major Support Level – $14.80

Major Resistance Level – $15.60

 

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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