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Ethereum Classic Price Analysis: ETC/USD Could Decline Further

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Ethereum Classic Price Analysis: ETC/USD Could Decline Further

Key HighlightsEthereum classic price topped near $18.54 and declined below the $17.60 support against the US dollar.There is a short-term bearish trend line forming with resistance at $17.60 on the hourly chart of the ETC/USD pair (Data feed via Kraken).The pair may continue to decline and it could retest the $16.80 and $16.60 support levels.Ethereum classic price is currently under pressure against the US Dollar and Bitcoin. ETC/USD may decline further towards the last swing low of $16.60.Ethereum Classic Price DeclineRecently, there was a nice upside move above $18.00 in ETC price against the US dollar. The ETC/USD pair traded towards $18.50-60 where sellers emerged. As a result, the price started a downside move and declined below the $18.00 and $17.80 support levels. More importantly, the price traded below a crucial support level at $17.45, which prevented declines on many occasions.The price traded close to the $17.00 level and a low was formed at $17.06. At the moment, the price is consolidating losses and it may test the 23.6% Fib retracement level of the last decline from the $18.54 high to $17.06 low. Any further gains could be limited by the $17.45-50 zone, which was a support earlier. Moreover, there is a short-term bearish trend line forming with resistance at $17.60 on the hourly chart of the ETC/USD pair. The trend line resistance is also close to the 38.2% Fib retracement level of the last decline from the $18.54 high to $17.06 low.The chart suggests that the price may correct a few points, but it won’t be easy for buyers to break the $17.5-60 resistance. On the downside, the price may test the $16.80 support, followed by the next major support at $16.60.Hourly MACD – The MACD for ETC/USD is back in the bullish zone.Hourly RSI – The RSI for ETC/USD is well below the 50 level with a few negative signs.Major Support Level – $16.60Major Resistance Level – $17.60

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Author: Aayush Jindal

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