Ethereum Classic Price Analysis: ETC/USD Turned Bearish?

Key Highlights

  • Ethereum classic price failed to hold an important support at $16.25 and declined against the US dollar.
  • There is a major bearish trend line formed with resistance at $15.65 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair remains at a risk of more losses as long as it is below the $15.70 and $16.00 resistances.

Ethereum classic price is in a bearish zone against the US Dollar and Bitcoin. ETC/USD must move back above the $16.00 resistance to start a recovery.

Ethereum Classic Price Decline

There were positive moves above the $16.50 level earlier this week in ETC price against the US dollar. The ETC/USD pair attempted to clear the $17.25-30 resistance on a couple of occasions. However, buyers failed to gain traction above the $17.30 level, resulting in a bearish reaction. The price declined sharply and broke many supports like $16.50, $16.25, $16.00 and even $15.00. There was a proper close below $16.00 and the 100 hourly simple moving average.

A low was formed at $14.90 before the price started an upward correction. Buyers pushed the price above the 38.2% Fib retracement level of the last decline from the $16.15 high to $14.90 low. However, the upside move was capped by the $15.50 level. Moreover, the 50% Fib retracement level of the last decline from the $16.15 high to $14.90 low also acted as a resistance. There is also a major bearish trend line formed with resistance at $15.65 on the hourly chart of the ETC/USD pair. Therefore, a break above $15.50 and $15.65 is needed for more recoveries in the near term.

The chart suggests that the price remains in a bearish zone below the $16.00 and $16.25 supports. On the downside, the $15.00 support holds a lot of significance. Below this, the price could test $14.20.

Hourly MACD – The MACD for ETC/USD is slowly moving back in the bullish zone.

Hourly RSI – The RSI for ETC/USD is currently near the 40 level.

Major Support Level – $15.00

Major Resistance Level – $16.00

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