Ethereum Classic Price Analysis: ETC/USD is Bearish Below $13

Key Highlights

  • Ethereum classic price declined below the $13.50 and $13.00 support levels against the US dollar.
  • There is a key bearish trend line formed with resistance at $12.80 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair may possibly correct higher in the near term towards the $12.80 and $13.00 resistances.

Ethereum classic price declined below key supports against the US Dollar and Bitcoin. ETC/USD might recover in the short term, but it could face sellers near $13.00.

Ethereum Classic Price Resistance

There was a fresh start of a downside move from the $14.70 swing high in ETC price against the US dollar. The ETC/USD pair declined heavily and broke the $13.00 and $12.50 support levels. It traded close to the $12.00 level and formed a low at $12.19. The price settled below the $13.00 support level and the 100 hourly simple moving average. At the moment, the price is consolidating losses above $12.20 and it could correct higher.

An initial resistance is near the 23.6% Fib retracement level of the last decline from the $13.75 high to $12.19 low. There is also a key bearish trend line formed with resistance at $12.80 on the hourly chart of the ETC/USD pair. The same trend line is positioned near the 50% Fib retracement level of the last decline from the $13.75 high to $12.19 low. A break above the trend line resistance could open the doors for more gains towards the $13.40 level. If the price fails to move higher, it could break the recent low near $12.20. The next support awaits on the downside at $12.00.

The chart suggests that ETC price remains at a risk of more losses below the $12.20 level. Selling on rallies near the $12.80 and $13.00 is a decent option.

Hourly MACD – The MACD for ETC/USD is moving in the bearish zone.

Hourly RSI – The RSI for ETC/USD is now well below the 45 level.

Major Support Level – $12.20

Major Resistance Level – $13.00

Author: Aayush Jindal

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