Key Highlights
- Ethereum classic price faced sellers near $47-48 against the US Dollar after a decent move higher.
- A bearish channel is forming with resistance near $40.50 on the hourly chart of the ETC/USD pair (data feed via Kraken).
- The pair could continue lower and it could test the $34.00 or even $32.00 support area.
Ethereum Classic price is under pressure against the US Dollar and Bitcoin. ETC/USD might correct further towards the $32.00 level in the near term.
Ethereum Classic price resistance
After a major upward move above the $45.00 level, the ETC price faced offers against the US Dollar. The price traded as low as $47.29 and later started a downward move. It traded below some key support levels like $45.00 and $40.00. There was a break below the $38.00 pivot and the price settled below the 100 hourly simple moving average. The recent low was $35.96 and the price is currently consolidating its losses.
Initial resistance on the upside lies around the 23.6% Fib retracement level of the recent decline from the $47.29 high to $35.96 low. There is also a bearish channel forming with resistance at $40.50 on the hourly chart of the ETC/USD pair. The pair could correct higher towards $40.00 and the 100 hourly simple moving average. However, it is likely to face many resistances in the $40.00-$40.50 range. The 38.2% Fib retracement level of the recent drop from the $47.29 high to $35.96 low is also at $40.22 to act as a hurdle.
It will not be easy for ETC buyers to break the $40.00-40.50 resistance levels. On the upside, the price might decline further towards the $34.00 and $32.00 support levels in the short term.
Hourly MACD – ETC/USD MACD is moving into the bearish zone.
Hourly RSI – The RSI for ETC/USD is now in the oversold territory around 30.
main support level – $34.00
Large resistance level – $40.00
Charts courtesy – Trade View, Kraken
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