Key Highlights
- Ethereum classic price surged higher and moved above the $20.00 handle before reversing gains against the US Dollar.
- There is a declining channel forming with resistance at $15.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might continue to decline and it could even test the $13.20 support area.
Ethereum classic price is reversing its gains against the US Dollar and Bitcoin. ETC/USD might soon retest the $13.20-13.00 support area.
Ethereum Classic Price Decline
During the past two days, there was a sharp upside move in ETC price above the $15.00 level against the US Dollar. The price rocketed higher and even traded above the $20.00 handle. A new monthly high was formed at $21.42 from where a sharp decline was initiated. ETC declined and moved below the $18.00 support and the 50% Fib retracement level of the last wave from the $13.00 low to $21.42 high.
The current decline points to a major reversal below $20.00. It seems like there is a declining channel forming with resistance at $15.50 on the hourly chart of the ETC/USD pair. The pair is now below the 76.4% Fib retracement level of the last wave from the $13.00 low to $21.42 high. Therefore, there are high chances of it moving back towards the $13.20 and $13.00 support levels.
The 100 hourly simple moving average is now at $16.00 to act as a resistance. A downside break below $14.00 would ignite more declines in the near term. On the upside, the channel resistance at $15.50 is a major hurdle followed by the 100 hourly SMA. It would be interesting to see how buyers react when the price reaches $13.00.
Hourly MACD – The MACD for ETC/USD is back in the bearish zone.
Hourly RSI – The RSI for ETC/USD is currently near the oversold levels.
Major Support Level – $13.00
Major Resistance Level – $16.00
Charts courtesy – Trading View, Kraken
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