Ethereum Classic Price Technical Analysis – ETC/USD Under Pressure

By Aayush Jindal Dec 7, 2017 3:00 AM EST

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Key Highlights Ethereum classic price declined recently and traded below the $26.00 support area against the US Dollar. There is a major bearish trend line forming with resistance near $27.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair traded as low as $24.01 recently and it is currently correcting higher.

Ethereum classic price is under bearish pressure against the US Dollar and Bitcoin. ETC/USD is currently correcting higher, but is facing hurdles near $27.00 and $27.50.

Ethereum Classic Price Resistance

There was a start of a new downside reaction from the $30.50 swing high in ETC price against the US Dollar. The price moved down and broke a few important support levels such as $30.00 and $28.00. It traded close to the $24.00 level and formed a lot at $24.01. It is currently correcting higher and has already moved above the 23.6% Fib retracement level of the last decline from the $30.00 high to $24.01 low.

At the moment, the price is facing resistance near the $27.00 level. Moreover, the 38.2% Fib retracement level of the last decline from the $30.00 high to $24.01 low is acting as a resistance. There is also a major bearish trend line forming with resistance near $27.50 on the hourly chart of the ETC/USD pair. The trend line resistance is around the 100 hourly simple moving average at $27.80. An intermediate resistance is around the 50% Fib retracement level of the last decline from the $30.00 high to $24.01 low at $26.98.

Therefore, there are many hurdles on the upside starting with $27.00. As long as the price is below $27.00, it might struggle. On the downside, the $24.00 level is a decent support. Below $24.00, the next major support is around $22.00.

Hourly MACD – The MACD for ETC/USD is about to move back in the bullish zone.

Hourly RSI – The RSI for ETC/USD is currently just near the 50 level.

Major Support Level – $24.00

Major Resistance Level – $27.50

 

Charts courtesy – Trading View, Kraken

The post Ethereum Classic Price Technical Analysis – ETC/USD Under Pressure appeared first on NEWSBTC.

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