Ethereum Classic Price Analysis: Can ETC/USD Break This?

Key Highlights

  • Ethereum basic worth declined just lately and traded as little as $15.67 in opposition to the US greenback.
  • There’s a main bearish pattern line fashioned with resistance close to $16.35 on the hourly chart of the ETC/USD pair (Information feed through Kraken).
  • The pair could maybe battle to interrupt the $16.40 and $16.60 resistance ranges within the close to time period.

Ethereum basic worth is in a bearish pattern in opposition to the US Greenback and Bitcoin. ETC/USD has to surpass the $16.60 resistance to begin an honest restoration.

Ethereum Classic Price Decline

There have been heavy losses this week in ETC worth because it moved under the $17.00 help in opposition to the US greenback. The ETC/USD pair even broke the $16.00 help and settled nicely under the 100 hourly easy transferring common. It traded as little as $15.67 and is at present struggling to recuperate. There was a minor upside transfer, however patrons confronted hurdles close to $16.60-70. Furthermore, there was no shut above the 23.6% Fib retracement stage of the final drop from the $18.80 excessive to $15.67 low.

Extra importantly, there’s a main bearish pattern line fashioned with resistance close to $16.35 on the hourly chart of the ETC/USD pair. The pair is slowly transferring decrease and is holding the $16.00 help space. On the upside, a break above the pattern line and $16.40 resistance might clear the trail for an honest restoration. Nonetheless, there’s additionally an important resistance and a pivot zone at $16.60-70. The value should break the said pivot zone to stage a comeback above the $17.00 stage.

The chart means that the worth is discovering it robust to clear the pattern line at $16.35-40. On the draw back, the $16.00 stage is an preliminary help. Beneath this, the worth could maybe retest the $15.70 low or it might even break in the direction of $15.50.

Hourly MACD – The MACD for ETC/USD is slowly transferring within the bearish zone.

Hourly RSI – The RSI for ETC/USD is at present nicely under the 50 stage.

Main Assist Degree – $15.70

Main Resistance Degree – $16.60

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