Ethereum Classic Price Analysis: ETC/USD Likely Forming Double Bottom

Key Highlights

  • Ethereum classic price retested an important support area near $15.75 against the US dollar.
  • There is a crucial bearish trend line forned with resistance at $16.20 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair may perhaps break the $16.20 resistance and the 100 hourly simple moving average.

Ethereum classic price is under pressure against the US Dollar and Bitcoin. ETC/USD is likely forming a double bottom pattern near $15.75, which could ignite bullish moves.

Ethereum Classic Price Support

There were continuous declines from the $18.40 swing high in ETC price against the US dollar. The ETC/USD pair declined below the $17.00 and $16.50 support levels. It even traded below the $16.00 level and formed a low near $15.75. Later, the price corrected higher and moved above $16.40. It even broke the 23.6% Fib retracement level of the last decline from the $18.38 high to $15.75 low.

However, the upside move was protected by the $16.80 level. Moreover, there is an important bearish trend line with resistance at $16.20 on the hourly chart of the ETC/USD pair. The pair declined once again and retested the $15.75 support area. At the moment, the price is consolidating above the $15.75 support. It may perhaps move higher above $16.20 and form a double bottom pattern. A successful close above $16.20 and the 100 hourly SMA could open the doors for more gains. The next resistance sits near the 50% Fib retracement level of the last decline from the $18.38 high to $15.75 low near $17.00.

The chart suggests that the price must stay above the $15.75 support to move higher. If it fails to stay above the double bottom support, there is a risk of a downside break towards the $15.00 level.

Hourly MACD – The MACD for ETC/USD is likely to move back in the bullish zone.

Hourly RSI – The RSI for ETC/USD is moving higher towards the 50 level.

Major Support Level – $15.75

Major Resistance Level – $16.20

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