There wasa sleekincrease inthe tradingpressure (selling) from the $11 USD swing high on Ethereum Classic [ETC]priceagainstUSD. The ETC/USD pair starteda significantdowntrendmove andbrokekey supportsclose tothe $10.5 USD level. However, there wasa correctclosebelow the $10.50-60 USD supportalong with the hundred hourly simply straightmoving average.The valueevenstone-brokethe $10 USDsupport levelto maneuverinto apessimisticzone.
The decline was initiatedoncethere wasa chancebelow a declining channel with support at $10.54 USD on the hourly chart of the ETC/USDpair. However, thepairlistedas low as $9.66 USD andit’sstillin a verypessimisticzone.Aprimary resistance isclose to 23.6 percent Fib retracement level of the recent drop from the $10.80 USD wave to $9.66 USD low.On top ofthe $9.90 USD and $10 USD resistance levels,the valuemightrecover towards the $10.25 USD level. It representsthe 50 percentFib retracement level of the recent downfall from the $10.80 USD height to $9.66 USD levels. Therefore, as longas thepriceis under the $10 USD handle,there’sa risk of yet a lot morelosses.
- Ethereum classic [ETC]worthbear extended losses and is presently listedbelow the $10 USD support against USD.
- There wasa chancebelow a declining channel with support level at $10.54 USD on the 1 hour chart of the pair.
- TheETC/USD pairispresentlyundera lot of pressure below the $10.50 USD and $10 USD support levels.
The chart suggests that Ethereum Classic [ETC]pricemightstillmove down towards the $9.50 USD level. Below this, sellersmight decide topushthe valuetowards the $9.20 USD support levelwithin thearrivingterm.
Ethereum Classic [ETC] Examination
- Hourly MACD – The MACD for ETC/USD pair is placedpowerfullywithin thepessimisticzone.
- Hourly RSI – The RSI for ETC/USD pair is moving lower towardslowerlevel.
- MajorSupport Level– $9.50 USD
- Major Resistance Level – $10 USD