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

Key Highlights

• Ethereum classic price started a downside correction from the $11.00 swing high against the US Dollar.
• There is a crucial bullish trend line forming with support at $10.40 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
• On the upside, the pair is facing resistances near the $10.70 and $10.95 levels.

Ethereum classic price is currently correcting lower against the US Dollar and Bitcoin. ETC/USD needs to stay above $10.40 to avoid further declines.

Ethereum Classic Price Resistance

Recently, we saw an upside break above $10.50 in ETC price against the US Dollar. The price moved higher and traded towards the $11.00 level where it faced sellers. A high was formed at $10.99 from where the price started correcting lower. It has already moved below the 23.6% Fib retracement level of the last leg up from the $9.50 low to $10.99 high. The downside move was such that the price also moved below $10.50 and the 100 hourly simple moving average.

However, the downside move was protected by a crucial bullish trend line with support at $10.40 on the hourly chart of the ETC/USD pair. Moreover, the 50% Fib retracement level of the last leg up from the $9.50 low to $10.99 high also prevented declines. At present, the pair is trading near the trend line support at $10.40 and struggling to hold the same. A close below the trend line support at $10.40 would be a bearish sign and it could even spark more declines in the near term.

The next support sits at $10.10, which is a pivot level. On the upside, there is a connecting bearish trend line forming with resistance at $10.70. Above $10.70, the next important resistance is at $11.00.

Hourly MACD – The MACD might move back in the bullish zone.

Hourly RSI – The RSI is currently well below the 50 level.

Major Support Level – $10.40

Major Resistance Level – $10.70

 

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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