Ethereum Classic Price Analysis: ETC/USD Turned Sell on Rallies

Key Highlights

  • Ethereum traditional value failed as soon as once more close to the $10.00 resistance and declined towards the US greenback.
  • This week’s adopted essential ascending channel shaped was breached with assist at $9.65 on the hourly chart of the ETC/USD pair (Information feed through Kraken).
  • The pair is at the moment buying and selling beneath the important thing assist at $9.80, which is a bearish signal.

Ethereum traditional value failed to carry features towards the US Greenback and Bitcoin. ETC/USD is at the moment buying and selling in a bearish zone beneath the $9.60 assist.

Ethereum Classic Price Evaluation

Lately, we noticed a pleasant upside transfer above the $9.50 resistance in ETC value towards the US greenback. The ETC/USD pair spiked above the $10.00 stage, nevertheless it failed to carry features. There have been two makes an attempt to clear the $10.00-10.15 resistance space, however consumers failed. Because of this, there was a draw back response beneath the $9.80 assist stage. The value declined and settled beneath the $9.60 assist and the 100 hourly easy shifting common.

There was an in depth beneath the 76.four% Fib retracement stage of the final wave from the $9.48 low to $10.15 excessive. Extra importantly, this week’s adopted essential ascending channel shaped was breached with assist at $9.65 on the hourly chart of the ETC/USD pair. The pair is at the moment buying and selling in a bearish zone beneath the $9.60 assist and the 100 hourly SMA. On the draw back, the following assist is close to $9.32. It represents the 1.236 Fib extension stage of the final wave from the $9.48 low to $10.15 excessive. Under $9.32, the value might revisit the $9.00 assist.

The chart means that ETC value moved again in a bearish zone beneath $9.80 and $9.60. If there’s an upside correction, sellers are more likely to take a stand close to the $9.70-9.80 zone and the 100 hourly SMA.

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

Hourly RSI – The RSI for ETC/USD is now properly beneath the 50 stage.

Main Help Degree – $9.32

Main Resistance Degree – $9.70

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