Tuesday, May 28, 2024
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    Ethereum Classic Price Technical Analysis–ETC/USD To Retest $11?

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    Key Highlights

    • Ethereum classic price struggled to settle above the $13.00 level against the US Dollar, and is moving lower.
    • There is a declining contracting triangle pattern with resistance at $11.50 forming on the hourly chart of ETC/USD (Data feed via Kraken).
    • The pair might decline further and could even test the $11.00 support in the near term.

    Ethereum classic price is correcting lower against the US Dollar and Bitcoin. ETC/USD might extend declines as sellers eye a test of the $11.00 level.

    Ethereum Classic Price Resistance

    There was a decent recovery from the $8.70 low in ETC price against the US Dollar. The price traded above the $12.00 ad $13.00 resistance levels. However, sellers appeared near $13.15 and protected further gains. There was no proper close above $13.00 and the price started correcting lower. There was a break of the 23.6% Fib retracement level of the last wave from the $8.70 low to $13.13 high.

    At the moment, the price is attempting a close below $13.50 and the 100 hourly simple moving average. Moreover, the 38.2% Fib retracement level of the last wave from the $8.70 low to $13.13 high is also at risk. It seems like there is a declining contracting triangle pattern with resistance at $11.50 forming on the hourly chart of ETC/USD. If the pair remains below the $12.00 handle the 100 hourly SMA, it could test the channel support near $11.00.

    The channel support also coincides with the 50% Fib retracement level of the last wave from the $8.70 low to $13.13 high. A close below $11.00 would be a bearish sign and could push the price towards $10.00. On the upside, a close above $12.50 is required for sustained gains.

    Hourly MACD – The MACD is almost flat with no major direction.

    Hourly RSI – The RSI is well below 50 level.

    Major Support Level – $11.00

    Major Resistance Level – $12.50

     

    Charts courtesy – Trading View, Kraken

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