Key Highlights
- Ethereum classic price declined towards $11.50 and even tested the $11.00 support against the US Dollar.
- There is a new connecting bearish trend line forming with resistance at $11.40 on the hourly chart of ETC/USD (Data feed via Kraken).
- The pair might continue to move down and remains poised to retest the $11.00 handle.
Ethereum classic price is struggling to move higher against the US Dollar and Bitcoin. ETC/USD might decline once again towards the $11.00 level.
Ethereum Classic Price Decline
In the last analysis, I mentioned that there is a chance of ETC price retesting the $11.50 level against the US Dollar. The price not only tested the $11.50, but also broke the stated level. It moved towards the $11.00 support and formed a low at $11.02. Later, a recovery was initiated above the 23.6% Fib retracement level of the last decline from the $12.48 high to $11.02 low.
However, the upside move was capped by the $11.60 resistance. Moreover, the 38.2% Fib retracement level of the last decline from the $12.48 high to $11.02 low also prevented further gains. It seems like there is a new connecting bearish trend line forming with resistance at $11.40 on the hourly chart of ETC/USD. The trend line resistance might continue to prevent gains above $11.40. If there is no break above $11.40-11.50, the price could retest the $11.00 support area.
The current bias is bearish below $12.00 in the short term. Only a successful close above $12.00 and the 100 hourly simple moving average would put the price back in the bullish zone. On the downside, the $11.00 support remains a major barrier for sellers followed by the next support at $10.20.
Hourly MACD – The MACD is placed well in the bearish zone.
Hourly RSI – The RSI is well below the 50 level and heading south.
Major Support Level – $11.00
Major Resistance Level – $11.50
Charts courtesy – Trading View, Kraken
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