Key Highlights
- Ethereum classic price failed to stay above the $34.00 level and declined against the US Dollar.
- There was a break below a connecting bullish trend line with support at $34.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair needs to stay above the $30.00 support level to avoid any further declines.
Ethereum classic price struggled to maintain gains against the US Dollar and Bitcoin. ETC/USD must hold the $30.00 support area to remain to recover back above $35.00.
Ethereum Classic Price Support
There was a nice upside move in ETC price above the $38.00 level recently against the US Dollar. However, the price failed to stay in the bullish zone, moved down and broke the $37.00 and $35.00 support levels. The decline was such that the price moved below the $34.00 level and the 100 hourly simple moving average. It is now showing a few bearish signs since it broke the $32.00 level and tested the $30.00 handle.
During the downside, there was a break below a connecting bullish trend line with support at $34.50 on the hourly chart of the ETC/USD pair. The pair recovered later and is currently moving around the 23.6% Fib retracement level of the last drop from the $39.15 high to $30.46 low. However, the broken support at $34.00 may now act as a resistance along with the 100 hourly SMA. Moreover, the 50% Fib retracement level of the last drop from the $39.15 high to $30.46 low is also around $34.50.
Therefore, the $34.00-34.50 level is a major resistance area on the upside. On the downside, the pair needs to stay above the $30.00 level to avoid any more declines in the near term.
Hourly MACD – The MACD for ETC/USD is gaining pace in the bearish zone.
Hourly RSI – The RSI for ETC/USD is moving lower and is currently around the 30 level.
Major Support Level – $30.00
Major Resistance Level – $34.00
Charts courtesy – Trading View, Kraken
