Ethereum Classic Price Analysis: ETC/USD Turned Bearish?
- 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