Key Highlights
- Ethereum classic price is under pressure below the .00 resistance against the US dollar.
- There is a major bearish trend line formed with resistance at .50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is likely to struggle above .50 and it could even break the .10 low in the near term.
Ethereum classic price declined further against the US Dollar and Bitcoin. ETC/USD could accelerate losses below .10 and .00 if it fails to climb above .00.
Ethereum Classic Price Analysis
During the past few days, there was a sharp decline in ETC price below the .00 support against the US dollar. The ETC/USD pair even broke the .00 support area and settled well below the 100 hourly simple moving average. The recent rise in selling pressure on Ethereum, ripple and bitcoin sparked more losses in ETC below .50. The price even broke the .20 support level and formed a new yearly low at .08.
At the moment, the price is consolidating losses above the .10 level. An initial resistance is the 23.6% Fib retracement level of the recent decline from the .91 high to .08 low. More importantly, there is a major bearish trend line formed with resistance at .50 on the hourly chart of the ETC/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the .91 high to .08 low. Therefore, if the price corrects higher, it may face a strong resistance near the .40 and .50 levels.
The chart suggests that ETC price is struggling to stay above the .10 and .08 levels. If there is a downside break below .08, the price is likely to accelerate losses below the .00 level in the near term.
Hourly MACD – The MACD for ETC/USD is slightly placed in the bullish zone.
Hourly RSI – The RSI for ETC/USD is flat below the 50 level.
Major Support Level – .00
Major Resistance Level – .50
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