Key Highlights
- Ethereum classic price is under pressure below the .00 pivot level against the US dollar.
- There was a break below a key bullish trend line with support at .00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is currently trading near .15 and it may extend the decline towards the .00 level.
Ethereum classic price is in a bearish trend against the US Dollar and Bitcoin. ETC/USD is likely to remain in a downtrend towards .00 and .00.
Ethereum Classic Price Trend
There was a strong rejection noted around the .80 and .00 resistances in ETC price against the US dollar. The ETC/USD pair started a downside move and declined below the .20 support. It even broke the .00 support and settled below the 100 hourly simple moving average. It opened the doors for more declines since there was a close below .00.
More importantly, there was a break below a key bullish trend line with support at .00 on the hourly chart of the ETC/USD pair. The pair traded further lower towards the .00 level. A low was formed at .17 and it seems like the current decline is not over yet. On the upside, an initial resistance for ETC is near the 23.6% Fib retracement level of the last decline from the .53 high to .17 low. However, the most important barrier for buyers is close to .00 and the 100 hourly SMA.
The chart suggests that the price may find sellers on the upside near .80 and .00. On the downside, a break below the recent low of .17 may open the doors for a push below the .00 level. The next supports on the downside are at .00 and .00.
Hourly MACD – The MACD for ETC/USD is currently in the bearish zone.
Hourly RSI – The RSI for ETC/USD is moving lower and is currently well below the 50 level.
Major Support Level – .00
Major Resistance Level – .00
The post Ethereum Classic Price Analysis: ETC/USD Could Revisit appeared first on NewsBTC.