Key Highlights
- Ethereum classic price is under pressure below the $5.00 resistance against the US dollar.
- There is a major bearish trend line formed with resistance at $4.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is likely to struggle above $4.50 and it could even break the $4.10 low in the near term.
Ethereum classic price declined further against the US Dollar and Bitcoin. ETC/USD could accelerate losses below $4.10 and $4.00 if it fails to climb above $5.00.
Ethereum Classic Price Analysis
During the past few days, there was a sharp decline in ETC price below the $6.00 support against the US dollar. The ETC/USD pair even broke the $5.00 support area and settled well below the 100 hourly simple moving average. The recent rise in selling pressure on Ethereum, ripple and bitcoin sparked more losses in ETC below $4.50. The price even broke the $4.20 support level and formed a new yearly low at $4.08.
At the moment, the price is consolidating losses above the $4.10 level. An initial resistance is the 23.6% Fib retracement level of the recent decline from the $4.91 high to $4.08 low. More importantly, there is a major bearish trend line formed with resistance at $4.50 on the hourly chart of the ETC/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $4.91 high to $4.08 low. Therefore, if the price corrects higher, it may face a strong resistance near the $4.40 and $4.50 levels.
The chart suggests that ETC price is struggling to stay above the $4.10 and $4.08 levels. If there is a downside break below $4.08, the price is likely to accelerate losses below the $4.00 level in the near term.
Hourly MACD – The MACD for ETC/USD is slightly placed in the bullish zone.
Hourly RSI – The RSI for ETC/USD is flat below the 50 level.
Major Support Level – $4.00
Major Resistance Level – $4.50