Key Highlights
- Ethereum classic price is currently under pressure below the .25 support against the US dollar.
- There is a major bearish trend line in place with resistance at .25 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair remains at a risk of more losses below .00 if it fails to move above .25.
Ethereum classic price is currently in a bearish zone against the US Dollar and Bitcoin. ETC/USD may perhaps continue to decline towards .80 or .60.
Ethereum Classic Price Analysis
In the last analysis, we discussed the key support at .20-.25 in ETC price against the US dollar. The ETC/USD pair failed to stay above the .25 support and declined further. It traded below the .00 support and settled below the 100 hourly simple moving average. The price as low as .90 and later corrected higher. It moved above the .10 level and the 23.6% Fib retracement level of the recent decline from the .57 high to .90 low.
However, the upside move was capped by the .25 level, which was a support earlier. Moreover, the 50% Fib retracement level of the recent decline from the .57 high to .90 low acted as a solid barrier. Besides, there is a major bearish trend line in place with resistance at .25 on the hourly chart of the ETC/USD pair. The pair is currently under pressure and it is trading around the .00 support. If sellers remain in action, the price may perhaps extend losses below the .90 low. The next main support is at .80 followed by .60.
The chart suggests that ETC price is trading in a bearish zone below .25. Only a close above .20 and .25 could push the price back in a positive zone in the near term.
Hourly MACD – The MACD for ETC/USD is placed in the bearish zone.
Hourly RSI – The RSI for ETC/USD is currently well below the 40 level.
Major Support Level – .00
Major Resistance Level – .25
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