- Ethereum classic price formed a top near the $14.50 level and declined against the US dollar.
- There was a break below a major bullish trend line with support at $13.90 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is currently trading well below the $14.00 level and the 100 hourly simple moving average.
Ethereum classic price declined and moved in a bearish zone against the US Dollar and Bitcoin. ETC/USD may continue to move down towards the $13.00 support.
Ethereum Classic Price Trend
Earlier this week, there was an upside move above the $14.00 level in ETC price against the US dollar. The ETC/USD pair succeeded in trading above the $14.20 resistance and tested $14.50. A high was formed at $14.51 before the price started a downside move. It declined and traded below the $14.20 support and the $14.00 handle to move in a bearish zone.
Furthermore, there was a break below a major bullish trend line with support at $13.90 on the hourly chart of the ETC/USD pair. The pair also traded below the $13.50 level and traded below the 100 hourly simple moving average. A low was formed at $13.27 before the price corrected towards the 23.6% Fib retracement level of the last decline from the $14.51 high to $13.27 low. However, the upside move was capped by the $13.50 level and the 100 hourly SMA. It seems like as long as the price is below 100 SMA, it could decline further towards the next major support at $13.00.
On the upside, a push above $13.50 and 100 hourly SMA is needed for a trend change. Above 100 SMA, the next hurdle for buyers are at $14.00 and $14.50.
Hourly MACD – The MACD for ETC/USD is about to move back in the bearish zone.
Hourly RSI – The RSI for ETC/USD is moving lower towards the 30 level.
Major Support Level – $13.00
Major Resistance Level – $14.00
Charts courtesy – Trading View
The post Ethereum Classic Price Technical Analysis – ETC/USD Could Retest $13 appeared first on NewsBTC.
Blocked because of Ad Blocker
It seems that you are using some ad blocking software which is preventing the page from fully loading. Please whitelist this website or disable ad blocking software.