There was a sleek increase in the trading pressure (selling) from the $11 USD swing high on Ethereum Classic [ETC] price against USD. The ETC/USD pair started a significant downtrend move and broke key supports close to the $10.5 USD level. However, there was a correct close below the $10.50-60 USD support along with the hundred hourly simply straight moving average. The value even stone-broke the $10 USD support level to maneuver into a pessimistic zone.
The decline was initiated once there was a chance below a declining channel with support at $10.54 USD on the hourly chart of the ETC/USD pair. However, the pair listed as low as $9.66 USD and it’s still in a very pessimistic zone. A primary resistance is close to 23.6 percent Fib retracement level of the recent drop from the $10.80 USD wave to $9.66 USD low. On top of the $9.90 USD and $10 USD resistance levels, the value might recover towards the $10.25 USD level. It represents the 50 percent Fib retracement level of the recent downfall from the $10.80 USD height to $9.66 USD levels. Therefore, as long as the price is under the $10 USD handle, there’s a risk of yet a lot more losses.
- Ethereum classic [ETC] worth bear extended losses and is presently listed below the $10 USD support against USD.
- There was a chance below a declining channel with support level at $10.54 USD on the 1 hour chart of the pair.
- The ETC/USD pair is presently under a lot of pressure below the $10.50 USD and $10 USD support levels.
The chart suggests that Ethereum Classic [ETC] price might still move down towards the $9.50 USD level. Below this, sellers might decide to push the value towards the $9.20 USD support level within the arriving term.
Ethereum Classic [ETC] Examination
- Hourly MACD – The MACD for ETC/USD pair is placed powerfully within the pessimistic zone.
- Hourly RSI – The RSI for ETC/USD pair is moving lower towards lower level.
- Major Support Level – $9.50 USD
- Major Resistance Level – $10 USD