Ethereum Classic Price Analysis: ETC/USD Tumbles To New 2018 Low ByAayush JindalPRO INVESTOR Updated: 25 July 2021 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage Key Highlights Ethereum classic price declined sharply and broke the $8.00 and $7.00 supports against the US dollar. There is a short term consolidation pattern forming with resistance at $7.70 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair is in a major downtrend and it could decline again towards $7.00 or $6.70 in the near term. Ethereum classic price is under heavy selling pressure against the US Dollar and Bitcoin. ETC/USD traded to a new 2018 low below the $7.00 support. Ethereum Classic Price Analysis There was no recovery above the $9.25 resistance in ETC price against the US dollar. The ETC/USD pair started a sharp downside move and broke the $8.00 and $7.00 support levels. The decline was nasty as the price traded to a new 2018 low at $6.70. Later, there was a minor recover above the $7.00, but the price is still well below the 100 hourly simple moving average. The price recently recovered above the 23.6% Fib retracement level of the recent drop from the $9.19 high to $6.70 low. However, the price is facing a solid resistance near the $7.80-8.00 area. There is also a short term consolidation pattern forming with resistance at $7.70 on the hourly chart of the ETC/USD pair. Above the consolidation resistance, the 50% Fib retracement level of the recent drop from the $9.19 high to $6.70 low is near $7.95. Therefore, the price is likely to find a strong selling interest near the $7.80 and $8.00 levels. On the downside, an initial support is at 7.20, below which the price could slide below $7.00. The chart suggests that ETC price is under a lot of pressure and it may resume its decline towards the $7.20 or $7.00 levels in the near term. Hourly MACD – The MACD for ETC/USD is slowly reducing its bearish slope. Hourly RSI – The RSI for ETC/USD is well below the 40 level. Major Support Level – $7.00 Major Resistance Level – $8.00 The post Ethereum Classic Price Analysis: ETC/USD Tumbles To New 2018 Low appeared first on NewsBTC. Join Our Telegram channel to stay up to date on breaking news coverage