Ethereum Classic Price Technical Analysis – Can ETC/USD Hold $15?
Ethereum classic price is in a bearish zone and is struggling to hold the $15 level against the US dollar.
There is a crucial bearish trend line forming with resistance at $16.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
The pair is under a lot of pressure and it could even break the $15.00 support level in the near term.
Ethereum classic price is in a downtrend against the US Dollar and Bitcoin. ETC/USD remains at a risk of more losses as long as it is below $16.50.
Ethereum Classic Price Resistance
There was a major downside move initiated in ETC price from well above $19.00 against the US dollar. The ETC/USD pair declined and broke the $18.00 and $16.50 support levels. It traded close to the $15.00 level and formed a low at $14.99. Later, an upside correction was initiated and the price moved above the 23.6% Fib retracement level of the last decline from the $18.35 high to $14.99 low.
However, the upside move was capped by the $16.50-80 resistance area. Moreover, the price failed to move above the 50% Fib retracement level of the last decline from the $18.35 high to $14.99 low. There is also a crucial bearish trend line forming with resistance at $16.50 on the hourly chart of the ETC/USD pair. The pair is once again moving lower and is currently well below $16.50. If the price fails to move above $16.50, it could soon break the $15.00 support level for more losses.
The next major support below $15.00 is near the $13.20 level. On the flip side, if the price succeeds in breaking the $16.50 resistance, it could move back in a positive zone toward $18.00.
Hourly MACD – The MACD for ETC/USD is slightly in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently well below the 50 level.
Major Support Level – $15.00
Major Resistance Level – $16.50
Charts courtesy – Trading View