Key Highlights
- Ethereum classic price made a short-term top near $23.00 and declined against the US dollar.
- Sellers succeeded in pushing the price below a major bullish trend line with support at $21.30 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is now trading near important support levels such as $20.50 and $20.00.
Ethereum classic price declined recently against the US Dollar and bitcoin. ETC/USD has to stay above the $20.00 support to avoid a trend change in the near term.
Ethereum Classic Price Support
There were around two attempts by ETC price to against the US dollar. The ETC/USD pair could not move above the stated $23.00 hurdle and started a downside move. It declined below the 23.6% Fib retracement level of the last wave from the $18.11 low to $22.93 high. More importantly, there was a break below the $22.00 support and the 100 hourly simple moving average.
The decline was significant as there was a break below a major bullish trend line with support at $21.30 on the hourly chart of the ETC/USD pair. The pair is now trading well below the $21.50 support and the 100 hourly SMA. At the outset, the price is holding the 50% Fib retracement level of the last wave from the $18.11 low to $22.93 high at $20.50. Below the mentioned $20.50, the next major support is around $20.00. ETC price must stay above the stated $20.00 support if it has to stay in a .
The indicates that the price is losing momentum, but $20.00 holds a lot of significance. If there is a break below $20.00, the price could decline further towards $18.00. On the other hand, if it recovers, the broken support at $21.50 and 100 hourly SMA are likely to prevent upsides.
Hourly MACD – The MACD for ETC/USD is back in the bearish zone.
Hourly RSI – The RSI for ETC/USD is now well below the 50 level.
Major Support Level – $20.00
Major Resistance Level – $21.50
Published at Tue, 01 May 2018 08:00:20 +0000
Analysis
