Ethereum Classic Price Analysis: ETC/USD Turned Sell on Rallies

Key Highlights

  • Ethereum classic price failed once again near the $10.00 resistance and declined against the US dollar.
  • This week’s followed important ascending channel formed was breached with support at $9.65 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair is currently trading below the key support at $9.80, which is a bearish sign.

Ethereum classic price failed to hold gains against the US Dollar and Bitcoin. ETC/USD is currently trading in a bearish zone below the $9.60 support.

Ethereum Classic Price Analysis

Recently, we saw a nice upside move above the $9.50 resistance in ETC price against the US dollar. The ETC/USD pair spiked above the $10.00 level, but it failed to hold gains. There were two attempts to clear the $10.00-10.15 resistance area, but buyers failed. As a result, there was a downside reaction below the $9.80 support level. The price declined and settled below the $9.60 support and the 100 hourly simple moving average.

There was a close below the 76.4% Fib retracement level of the last wave from the $9.48 low to $10.15 high. More importantly, this week’s followed important ascending channel formed was breached with support at $9.65 on the hourly chart of the ETC/USD pair. The pair is currently trading in a bearish zone below the $9.60 support and the 100 hourly SMA. On the downside, the next support is near $9.32. It represents the 1.236 Fib extension level of the last wave from the $9.48 low to $10.15 high. Below $9.32, the price could revisit the $9.00 support.

The chart suggests that ETC price moved back in a bearish zone below $9.80 and $9.60. If there is an upside correction, sellers are likely to take a stand near the $9.70-9.80 zone and the 100 hourly SMA.

Hourly MACD – The MACD for ETC/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETC/USD is now well below the 50 level.

Major Support Level – $9.32

Major Resistance Level – $9.70

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