06 Feb Ethereum Classic Price Technical Analysis – ETC/USD Bearish Towards $10
- Ethereum classic price was crushed recently as it moved below the $15.00 support against the US dollar.
- There is a key bearish trend line forming with current resistance at $16.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair may continue to decline and ETC could even test the $11.00 and $10.00 levels.
Ethereum classic price is under heavy selling pressure against the US Dollar and Bitcoin. ETC/USD is likely to extend the current decline towards the $10.00 level in the near term.
Ethereum Classic Price Upside Hurdle
There was a monstrous decline in ETC price from well above $20.00 against the US dollar. The price followed other major cryptocurrencies such as Ethereum, Ripple and Bitcoin cash to move down by more than 60%. There was a nasty downside move and the price traded below the $18.00 and $15.00 support levels. A low was formed recently at $13.89 and the price is currently attempting a minor upside correction.
An initial resistance on the upside is near the 23.6% Fib retracement level of the last decline from the $24.30 high to $13.89 low. Moreover, there is a key bearish trend line forming with current resistance at $16.50 on the hourly chart of the ETC/USD pair. The trend line resistance is important and it could prevent gains above $17.00. Above $17.00, the price may test the 50% Fib retracement level of the last decline from the $24.30 high to $13.89 low. The most crucial barrier for a major recovery in ETC is around the $19.00 and $20.00 levels.
On the downside, a break below the $13.50 level could push the price towards the $11.00 and $10.00 support levels.
Hourly MACD – The MACD for ETC/USD is placed heavily in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently showing signs of an extreme oversold condition.
Major Support Level – $11.00
Major Resistance Level – $19.00
Charts courtesy – Trading View, Kraken
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