Ethereum Classic Price Technical Analysis – ETC/USD to Break $20?
Ethereum classic price was under a lot of pressure and it broke the $25.00 support against the US dollar.
There is a major bearish trend line forming with resistance at $22.40 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
The pair remains at a risk of more declines as long as the price is below $25.00.
Ethereum classic price fell further against the US Dollar and Bitcoin. ETC/USD is now well below the $25.00 level and it eyes more declines in the near term.
Ethereum Classic Price Resistance
There was no major upside move above $30.00 in ETC price recently against the US dollar. The price started declining and it broke a major support area near $25.00. It ignited further declines and the price even broke the $22.00 support. Looking at the current trend, there is a lot of pressure since the price is well below the $25.00 handle and the 100 hourly simple moving average.
The downside move was such that the price traded close to the $20.00 handle. The recent low formed was $20.27 from where an upside correction was initiated. It tested the 23.6% Fib retracement level of the last decline from the $29.55 high to $20.27 low. However, the upside move was capped and the price seems to be struggling to move above $22.30. There is also a major bearish trend line forming with resistance at $22.40 on the hourly chart of the ETC/USD pair.
The most crucial resistance on the upside is around $25.00. It is also close to the 50% Fib retracement level of the last decline from the $29.55 high to $20.27 low. On the downside, the $20.00 handle is a major support and a buy zone.
Hourly MACD – The MACD for ETC/USD is about to move back in the bearish zone.
Hourly RSI – The RSI for ETC/USD is currently below the 40 level.
Major Support Level – $20.00
Major Resistance Level – $22.40
Charts courtesy – Trading View