- Ethereum classic price declined heavily and moved below the $20 and $18 supports against the US dollar.
- There is key connecting bearish trend line forming with resistance at $18.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair could rise in the short term but it may face sellers near $17.00 and $18.00.
Ethereum classic price tumbled sharply against the US Dollar and Bitcoin. ETC/USD is now trading well below $18.00 and it remains at a risk of more losses.
Ethereum Classic Price Decline
There was no upside move above $21.00 during the past few days in ETC price against the US dollar. The price started a downside move and traded below the $20.00 handle. The downside move was strong as the price even failed to hold the $18.00 support level. It is now trading well below the $18.00 pivot level and the 100 hourly simple moving average.
The recent low was formed at $15.66 and it seems like sellers are here to stay. If there is a correction, the price may face sellers near the 23.6% Fib retracement level of the last decline from the $21.73 high to $15.66 low. There is also a key connecting bearish trend line forming with resistance at $18.00 on the hourly chart of the ETC/USD pair. The same trend line is near the 38.2% Fib retracement level of the last decline from the $21.73 high to $15.66 low. Therefore, the $17.00 and $18.00 levels are seen as crucial barriers for buyers in the near term.
On the downside, the price could break the recent low of $15.66 and test $15.00. The overall bias is bearish on BTC, ETH, XRP and all major cryptocurrencies.
Hourly MACD – The MACD for ETC/USD is not showing any signs of a recovery.
Hourly RSI – The RSI for ETC/USD is slowly rising from the oversold levels.
Major Support Level – $15.00
Major Resistance Level – $18.00
Charts courtesy – Trading View
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