Ethereum Classic Price Technical Analysis – ETC/USD’s Correction Limited

Key Highlights

• Ethereum classic price declined further and tested the $11.80 support against the US Dollar.
• There is a major bearish trend line forming with resistance at $12.40 on the hourly chart of ETC/USD (Data feed via Kraken).
• The pair needs to break the $12.40-12.50 resistance to overcome the current bearish pressure.

Ethereum classic price is moving in a declining pattern against the US Dollar and Bitcoin. ETC/USD has to gain pace above $12.50 to move back in the bullish zone.

Ethereum Classic Price Upside Hurdle

There was no respite for ETC price as it declined further towards $12.00 against the US Dollar. The price even broke the $12.00 handle and traded as low as $11.77. Later, a correction wave was initiated and the price moved above the 23.6% Fib retracement level of the last decline from the $13.50 high to $11.77 low. However, there are many hurdles on the upside such as $12.40 and $12.50 waiting to act as a resistance.

Moreover, there is a major bearish trend line forming with resistance at $12.40 on the hourly chart of ETC/USD. Additionally, the pair is facing the 38.2% Fib retracement level of the last decline from the $13.50 high to $11.77 low near $12.42. Therefore, clearly there is a major resistance zone forming near $12.40-12.50. A break and close above the $12.50 is required for ETC to move back in the bullish zone. Above the trend line, the $12.60 level and the 100 hourly simple moving average are next resistances.

On the downside, the $12.00 handle is a decent support. A break below $12.00 exposes a decline towards $11.80. Should there be a break below $11.80, the price could test the $11.00 level.

Hourly MACD – The MACD is currently in the bullish zone.

Hourly RSI – The RSI is well above the 50 level, which is a positive sign.

Major Support Level – $11.80

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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