Key Highlights
- Ethereum classic price formed a short-term top at $33.41 and declined against the US dollar.
- There was a break below an important bullish trend line with support at $30.30 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is currently holding the 100 hourly simple moving average, but it is at a risk of more declines.
Ethereum classic price is moving lower in a bearish path against the US Dollar and Bitcoin. ETC/USD could decline further towards the $28.00 and $26.00 support levels.
Ethereum Classic Price Resistance
There were decent gains in ETC price above the $30.00 level against the US dollar. The price traded as high as $33.41 from where a downside wave was initiated. It moved below the 23.6% Fib retracement level of the last wave from the $26.00 low to $33.41 high. The downside move extended below the $31.00 support area, which ignited further declines.
During the downside move, there was a break below an important bullish trend line with support at $30.30 on the hourly chart of the ETC/USD pair. The pair is currently testing the $29.60 support and the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last wave from the $26.00 low to $33.41 high is also acting as a support. However, the pair is now below $30.80 and the $30.20 supports, which means it is at a risk of more declines.
On the upside, there is a connecting bearish trend line forming with resistance at $30.20. A break above the trend line and $30.50 is needed to avoid further declines. Above $30.50, the price could retest the $33.00 swing high in the near term.
Hourly MACD – The MACD for ETC/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETC/USD is currently below the 50 level, but it is showing a few positive signs.
Major Support Level – $28.80
Major Resistance Level – $30.50
Charts courtesy – Trading View, Kraken