Ethereum Classic Price Technical Analysis – ETC/USD Breaks Key Support

Key Highlights

• Ethereum classic price failed to move above the $16.50-17.00 resistance against the US Dollar and declined.
• The last analysis highlighted ascending channel pattern with support at $16.00 on the hourly chart of ETC/USD (Data feed via Kraken) was broken.
• The price traded as low as $13.44 before starting a short-term correction.

Ethereum classic price failed to gain momentum versus the US Dollar and Bitcoin, and ETC/USD declined below a key support area at $16.00-15.50.

Ethereum Classic Price Resistance

In the past few analysis, I highlighted an important resistance area near $16.50-17.00 in ETC price against the US Dollar. The price struggled to settle above $17.00 and failed to gain momentum. As a result, there was a downside move. The downside move was such that there was a break below a crucial support area near $16.00. Moreover, the last analysis highlighted ascending channel pattern with support at $16.00 on the hourly chart of ETC/USD was also cleared.

The price even traded below the $15.50 support and the 100 hourly simple moving average. It ignited sharp declines and the price traded below $14.00. A new weekly low was formed near $13.44 and later the price started recovering. It is currently above the 23.6% Fib retracement level of the last decline from the $17.55 high to $13.44 low.

However, there are many hurdles near $15.00-15.50 on the upside. There is a bearish trend line on the same chart at $15.50. The same trend line also coincides with the 50% Fib retracement level of the last decline from the $17.55 high to $13.44 low. So, if the price continues to move higher, it could face sellers near $15.50. Selling rallies near $15.50 can be considered in the short term.

Hourly MACD – The MACD is recovering in the bullish zone.

Hourly RSI – The RSI is currently below the 50 level.

Major Support Level – $14.00

Major Resistance Level – $15.50

Charts courtesy – Trading View, Kraken

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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