Key Highlights
- Ethereum classic price declined further and even tested the $10.00 level against the US Dollar.
- There is a new contracting triangle pattern forming with resistance at $11.00 on the hourly chart of ETC/USD (Data feed via Kraken).
- The pair might correct a few points in the near term, but upsides remain capped by $11.00-11.50.
Ethereum classic price started a new bearish trend against the US Dollar and Bitcoin. ETC/USD might continue to decline and could even break $10.00.
Ethereum Classic Price Decline
It seems like a new downtrend started from the $13.13 high in ETC price against the US Dollar. The price declined and broke a few important supports like $13.00 and $12.00. In the last analysis, I mentioned that there is a chance of ETC retesting the $11.00 level. It did test the stated $11.00 level. Sellers are in control at present and the price already tested the $10.00 handle once.
There was a break of the 50% Fib retracement level of the last wave from the $8.75 low to $13.15 high. It has cleared the path for more declines below $11.00 and the 100 hourly simple moving average. At the moment, the price is retreating from the 76.4% Fib retracement level of the last wave from the $8.75 low to $13.15 high. However, there is a new contracting triangle pattern forming with support at $10.00 on the hourly chart of ETC/USD.
The triangle resistance is currently near $11.00, which is likely to act as a strong hurdle. Any major corrections towards $11.00-11.50 might be seen as selling opportunity. On the downside, a break of the $10.00 handle could push the price back towards the last low near $8.75.
Hourly MACD – The MACD is recovering, but there are no major bullish signs.
Hourly RSI – The RSI is correcting from the oversold levels.
Major Support Level – $10.00
Major Resistance Level – $11.00
Charts courtesy – Trading View, Kraken
