Ethereum Classic Price Analysis: ETC/USD Bearish Below $18

Key Highlights

  • Ethereum basic value failed to maneuver above the $18.80 resistance and declined in opposition to the US greenback.
  • There was a break under a key bullish development line shaped with help at $18.20 on the hourly chart of the ETC/USD pair (Knowledge feed through Kraken).
  • The pair is now buying and selling under the $18.00 pivot degree and the 100 hourly easy transferring common.

Ethereum basic value is slowly transferring decrease in opposition to the US Greenback and Bitcoin. ETC/USD might decline additional so long as it’s under the $18.00-18.20 resistance.

Ethereum Classic Price Resistance

After a good upside transfer, ETC value failed to interrupt the $18.80 and $19.00 resistance ranges in opposition to the US greenback. The ETC/USD pair shaped a excessive close to $19.00 and began a draw back transfer. There was one other try to clear the identical hurdle, however the value failed and topped close to $18.81. ETC value moved down and broke the $18.50 help space. Furthermore, there was a detailed under the $18.00 pivot degree and the 100 hourly easy transferring common.

Moreover, there was a break under a key bullish development line shaped with help at $18.20 on the hourly chart of the ETC/USD pair. The pair is presently buying and selling close to the $17.60 degree with a right away help at $17.40. Below the talked about help, the value might speed up declines in the direction of the $16.60 help space. On the upside, an preliminary resistance is close to the 23.6% Fib retracement degree of the final decline from the $18.81 excessive to $17.61 low. Nevertheless, crucial hurdle is close to $18.20 and the 100 hourly SMA.

The chart means that the value might maybe face a powerful resistance at $18.20. If it fails to get better above $18.00 and $18.20, there’s a threat of extra losses under the $17.60 degree within the close to time period.

Hourly MACD – The MACD for ETC/USD is gaining tempo within the bearish zone.

Hourly RSI – The RSI for ETC/USD is presently close to the oversold ranges.

Main Assist Degree – $17.60

Main Resistance Degree – $18.20

About Tom Greenly

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