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Ethereum Classic Price Technical Analysis – ETC/USD is Following Bearish Path

Key Highlights

  • Ethereum classic price formed a short-term top at $33.41 and declined against the US dollar.
  • There was a break below an important bullish trend line with support at $30.30 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair is currently holding the 100 hourly simple moving average, but it is at a risk of more declines.

Ethereum classic price is moving lower in a bearish path against the US Dollar and Bitcoin. ETC/USD could decline further towards the $28.00 and $26.00 support levels.

Ethereum Classic Price Resistance

There were decent gains in ETC price above the $30.00 level against the US dollar. The price traded as high as $33.41 from where a downside wave was initiated. It moved below the 23.6% Fib retracement level of the last wave from the $26.00 low to $33.41 high. The downside move extended below the $31.00 support area, which ignited further declines.

During the downside move, there was a break below an important bullish trend line with support at $30.30 on the hourly chart of the ETC/USD pair. The pair is currently testing the $29.60 support and the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last wave from the $26.00 low to $33.41 high is also acting as a support. However, the pair is now below $30.80 and the $30.20 supports, which means it is at a risk of more declines.

Ethereum Classic Price Technical Analysis ETC USD

On the upside, there is a connecting bearish trend line forming with resistance at $30.20. A break above the trend line and $30.50 is needed to avoid further declines. Above $30.50, the price could retest the $33.00 swing high in the near term.

Hourly MACD – The MACD for ETC/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETC/USD is currently below the 50 level, but it is showing a few positive signs.

Major Support Level – $28.80

Major Resistance Level – $30.50

 

Charts courtesy – Trading View, Kraken

The post Ethereum Classic Price Technical Analysis – ETC/USD is Following Bearish Path appeared first on NewsBTC.

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