23 Jan Ethereum Classic Price Technical Analysis – ETC/USD to Decline Further
- Ethereum classic price is in a declining mode and it recently traded below $31.00 against the US dollar.
- There is an expanding triangle forming with a declining pattern and resistance at $31.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair may continue to move down and it could retest the $26.00 support area in the near term.
Ethereum classic price is in a short-term downtrend against the US Dollar and Bitcoin. ETC/USD could extend declines towards the $26.00 and $25.00 support levels.
Ethereum Classic Price Resistance
There was a decent recovery in ETC price above the $35.00 level against the US dollar. The price was able to move above the $36.00 level and formed a high at $36.29. Later, a downside move was initiated and the price broke $35.00 support. There was also a break below a connecting bullish trend line at $33.00 on the hourly chart of ETC/USD. The pair declined further and broke the $30.00 support to close below the 100 hourly simple moving average.
It traded as low as $26.43 recently and is currently correcting higher. It traded around the 23.6% Fib retracement level of the last decline from the $36.26 high to $26.43 low. It seems like there an expanding triangle forming with a declining pattern and resistance at $31.00 on the hourly chart of the ETC/USD pair. The pair may correct a few points more toward $30.00-31.00. However, it is likely to face a strong selling interest near $31.00 and the 100 hourly simple moving average.
Moreover, the 50% Fib retracement level of the last decline from the $36.26 high to $26.43 low at $31.35 is a major resistance. On the downside, the pair could retest the last swing low of $26.00 in the short term.
Hourly MACD – The MACD for ETC/USD is showing a few bearish signs.
Hourly RSI – The RSI for ETC/USD is moving lower and is below the 50 level.
Major Support Level – $26.00
Major Resistance Level – $31.00
Charts courtesy – Trading View, Kraken
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