Key Highlights
- Ethereum classic price is back in the bearish zone below $12.00 against the US Dollar.
- The ETC/USD pair is about to break a contracting triangle support at $11.50 on the hourly chart (Data feed via Kraken).
- The pair might continue to decline and could even test the $11.10-11.00 area.
Ethereum classic price is slowly moving down against the US Dollar, and fell sharply versus Bitcoin. ETC/USD might extend declines below $11.50.
Ethereum Classic Price Resistance
There was no upside move in ETC price above the $12.00 against the US Dollar. The price started a downside move after correcting towards the $12.00 level. Before the mentioned failure, there was a break above the 50% Fib retracement level of the last leg down from the $12.50 high to $11.02 low. However, the price failed to clear the $12.00 handle and a bearish trend line.
Moreover, the 61.8% Fib retracement level of the last leg down from the $12.50 high to $11.02 low acted as a hurdle. As a result, there was a downside reaction, and the ETC/USD pair might soon break a contracting triangle support at $11.50 on the hourly chart. The pair is currently well below the $11.80 resistance and the 100 hourly simple moving average. Therefore, there is a chance of ETC testing the $11.10 or $11.00 level in the near term.
On the upside, the trend line resistance near $11.70 might continue to stop the upside move. A proper close above the $12.00 handle and the 100 hourly SMA is needed for buyers to gain momentum. Otherwise, there can be more declines and the price could even break the $11.00 handle for a move towards $10.50.
Hourly MACD – The MACD is gaining pace in the bearish zone.
Hourly RSI – The RSI is currently well below the 50 level and gaining downside momentum.
Major Support Level – $11.00
Major Resistance Level – $11.80
Charts courtesy – Trading View, Kraken
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