Key Highlights
- Ethereum classic price started a fresh decline after trading close to .30 against the US dollar.
- There was a break below a major bullish trend line with support at .60 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is now at a risk of more losses below the .40 and .20 levels.
Ethereum classic price declined sharply against the US Dollar and Bitcoin. ETC/USD is back in a bearish zone and it could revisit the .00 support level.
Ethereum Classic Price Analysis
This past week, there was a decent recovery above .80 in ETC price against the US dollar. The ETC/USD pair traded above the .00 and .20 resistance levels. A high was formed at .27 and later the price started a fresh decline. It traded lower sharply and broke the .00 support and the 100 hourly simple moving average. There was even a break below the 76.4% Fib retracement level of the last wave from the .40 low to .27 high.
Moreover, there was a break below a major bullish trend line with support at .60 on the hourly chart of the ETC/USD pair. The pair is currently trading near the .40 low, which is acting as a support. If the price continues to move down, it could test the .20 support. It coincides with the 1.236 Fib extension level of the last wave from the .40 low to .27 high. However, the key support is near the .00-4.05 zone where buyers are likely to emerge. If the price corrects higher, the previous supports at .50 and .75 are likely to prevent gains.
The chart suggests that ETC price is back in a bearish zone with a close below .00 and 100 SMA. The next stop for sellers could be either .20 or .05.
Hourly MACD – The MACD for ETC/USD is slowly moving back in the bullish zone.
Hourly RSI – The RSI for ETC/USD is recovering towards the 45 level.
Major Support Level – .20
Major Resistance Level – .75
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