- Ethereum classic price failed to overcome selling pressure near $12.50 against the US Dollar and moved down.
- There was a break below a key bullish trend line with support at $12.20 on the hourly chart of ETC/USD (Data feed via Kraken).
- The pair might continue to decline and it could even test the $11.50 support area.
Ethereum classic price is again moving lower against the US Dollar and Bitcoin. ETC/USD might soon retest the last swing low of $11.50.
Ethereum Classic Price Resistance
There was a nice upside move in ETC price this past week above the $12.00 handle against the US Dollar. The price traded above the $12.20 level, but failed to break the $12.50 resistance. There were two attempts to surpass $12.50, but buyers failed to gain momentum. As a result, there was a downside move and the price broke the $12.40 support.
There was a clear break below a key bullish trend line with support at $12.20 on the hourly chart of ETC/USD. The pair also surpassed the 38.2% Fib retracement level of the last wave from the $11.50 low to $12.49 high and the 100 hourly simple moving average. It has opened the doors more losses and the pair traded below the $12.00 handle. There was even a break of the 50% Fib retracement level of the last wave from the $11.50 low to $12.49 high.
These are bearish signs and the pair now looks set to decline further. If the current momentum stays intact, there is a chance of a downside break towards the last swing low of $11.50. Selling rallies close to the $12.20-40 levels can be considered in the short term as long as there is no close above the 100 hourly SMA.
Hourly MACD – The MACD is now in the bearish zone.
Hourly RSI – The RSI has reached the oversold levels.
Major Support Level – $11.50
Major Resistance Level – $12.20
Charts courtesy – Trading View, Kraken