- 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