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    ETH Classic Price Tech Analysis – ETC/USD’s Correction Limited

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    Key Highlights

    • Ethereum classic price declined further and tested the $11.80 support against the US Dollar.
    • There is a major bearish trend line forming with resistance at $12.40 on the hourly chart of ETC/USD (Data feed via Kraken).
    • The pair needs to break the $12.40-12.50 resistance to overcome the current bearish pressure.

    Ethereum classic price is moving in a declining pattern against the US Dollar and Bitcoin. ETC/USD has to gain pace above $12.50 to move back in the bullish zone.

    Ethereum Classic Price Upside Hurdle

    There was no respite for ETC price as it declined further towards $12.00 against the US Dollar. The price even broke the $12.00 handle and traded as low as $11.77. Later, a correction wave was initiated and the price moved above the 23.6% Fib retracement level of the last decline from the $13.50 high to $11.77 low. However, there are many hurdles on the upside such as $12.40 and $12.50 waiting to act as a resistance.

    Moreover, there is a major bearish trend line forming with resistance at $12.40 on the hourly chart of ETC/USD. Additionally, the pair is facing the 38.2% Fib retracement level of the last decline from the $13.50 high to $11.77 low near $12.42. Therefore, clearly there is a major resistance zone forming near $12.40-12.50. A break and close above the $12.50 is required for ETC to move back in the bullish zone. Above the trend line, the $12.60 level and the 100 hourly simple moving average are next resistances.

    On the downside, the $12.00 handle is a decent support. A break below $12.00 exposes a decline towards $11.80. Should there be a break below $11.80, the price could test the $11.00 level.

    Hourly MACD – The MACD is currently in the bullish zone.

    Hourly RSI – The RSI is well above the 50 level, which is a positive sign.

    Major Support Level – $11.80

    Major Resistance Level – $12.50

     

    Charts courtesy – Trading View, Kraken

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