Key Highlights Ethereum classic price declined recently and cleared a major support at $15.50 against the US dollar. There was a break below a major bullish trend line with support at $15.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair may continue to move down towards the next supports at $14.50 and $14.20.
Ethereum classic price is currently under pressure against the US Dollar and Bitcoin. ETC/USD settled below $15.50, which is a short-term bearish sign.
Ethereum Classic Price Resistance
After a decent upside move, ETC price faced a strong selling interest below the $16.50 level against the US dollar. The ETC/USD pair traded as high as $16.44 before starting a downside correction. It declined and moved below a few support levels such as $16.00 and $15.80. The most important move was a close below the $15.50 support and the 100 hourly simple moving average.
During the decline, the price broke the 50% Fib retracement level of the last wave from the $14.20 low to $16.44 high. More importantly, there was a break below a major bullish trend line with support at $15.50 on the hourly chart of the ETC/USD pair. The pair traded as low as $14.74 recently and is currently consolidating losses. On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $16.44 high to $14.74 low. However, the most significant hurdle for buyers is near $15.50 and the 100 hourly simple moving average.
The chart suggests that the price may correct a few points, but it could face sellers near $15.50. On the downside, a break below the recent low of $14.74 might push the price towards the next supports at $14.50 and $14.20.
Hourly MACD – The MACD for ETC/USD has moved back in the bearish zone.
Hourly RSI – The RSI for ETC/USD is moving higher from the oversold levels near 35.
Major Support Level – $14.50
Major Resistance Level – $15.50
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Author: Aayush Jindal”