Ethereum Classic Price Analysis: ETC/USD in Downtrend Below $11.20
- Ethereum classic price is under pressure below the $11.20 and $11.40 resistances against the US dollar.
- There is a declining channel in place with resistance at $11.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair remains at a risk of more declines as long as it is below the $11.00 and $11.20 resistances.
Ethereum classic price recently found support against the US Dollar and Bitcoin. ETC/USD is recovering, but upsides could be capped by $11.00 and $11.20.
Ethereum Classic Price Resistance
There was a downside extension in ETC price below the $11.00 support area against the US dollar. The ETC/USD pair declined below the $10.50 and $10.25 support levels. It traded as low as $10.15 before buyers appeared. Later, there was an upside correction and the price moved back above $10.50. There was also a break above the 50% Fib retracement level of the last decline from the $11.49 high to $10.15 low.
However, the upside move was capped by the $11.00 resistance zone. Moreover, the 61.8% Fib retracement level of the last decline from the $11.49 high to $10.15 low stopped the upside move. There is also a declining channel in place with resistance at $11.00 on the hourly chart of the ETC/USD pair. Above the channel resistance, the 100 hourly SMA is placed near the $11.10 level. Therefore, it seems like it won’t be easy for buyers to clear the $11.00, $11.10 and $11.20 resistance levels. If there is a fresh decline, the $10.40 level is an initial support.
The chart suggests that ETC price could slide again if it fails to move past the $11.20 resistance. Above $11.20, the price may well rise back towards the $11.80 and $12.00 levels in the near term.
Hourly MACD – The MACD for ETC/USD is slightly placed in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently moving lower towards the 50 level.
Major Support Level – $10.40
Major Resistance Level – $11.20