Ethereum Classic Price Technical Analysis – ETC/USD Bearish

Key Highlights

  • Ethereum classic price declined further and even tested the $10.00 level against the US Dollar.
  • There is a new contracting triangle pattern forming with resistance at $11.00 on the hourly chart of ETC/USD (Data feed via Kraken).
  • The pair might correct a few points in the near term, but upsides remain capped by $11.00-11.50.

Ethereum classic price started a new bearish trend against the US Dollar and Bitcoin. ETC/USD might continue to decline and could even break $10.00.

Ethereum Classic Price Decline

It seems like a new downtrend started from the $13.13 high in ETC price against the US Dollar. The price declined and broke a few important supports like $13.00 and $12.00. In the last analysis, I mentioned that there is a chance of ETC retesting the $11.00 level. It did test the stated $11.00 level. Sellers are in control at present and the price already tested the $10.00 handle once.

There was a break of the 50% Fib retracement level of the last wave from the $8.75 low to $13.15 high. It has cleared the path for more declines below $11.00 and the 100 hourly simple moving average. At the moment, the price is retreating from the 76.4% Fib retracement level of the last wave from the $8.75 low to $13.15 high. However, there is a new contracting triangle pattern forming with support at $10.00 on the hourly chart of ETC/USD.

Ethereum Classic Price Technical Analysis  ETC USD

The triangle resistance is currently near $11.00, which is likely to act as a strong hurdle. Any major corrections towards $11.00-11.50 might be seen as selling opportunity. On the downside, a break of the $10.00 handle could push the price back towards the last low near $8.75.

Hourly MACD – The MACD is recovering, but there are no major bullish signs.

Hourly RSI – The RSI is correcting from the oversold levels.

Major Support Level – $10.00

Major Resistance Level – $11.00

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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