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Key Points
- The classic price of Ethereum collapsed and broke the $ 12.50 and $ 11.20 support against the US dollar.
- There is a key linking the bearish trend line forming resistance at $ 11.30 on the hourly chart of the ETC / USD pair (data feed via Kraken).
- The pair is slowly correcting towards the resistance levels $ 11.00 and $ 11.30.
The classic price of Ethereum made a sharp U-turn compared to the US dollar and Bitcoin. ETC / USD has broken the support of $ 12.50 and is currently at risk of compensation of $ 10.00.
Ethereum Classic Price Support
It seems that the price of the ETC has been rejected far beyond the $ 14.00 level against the US dollar. The ETC / USD pair was traded and consolidated above the $ 12.50 support for some time. However, the sellers got the upper hand while they were able to unlock the $ 12.50 support. The price dropped sharply below $ 12.00 and $ 11.50 levels. The decline was such that the price even broke support levels of $ 11.20 and $ 10.50.
A new monthly minimum has been formed at $ 10.11 and the price is currently rising. It is testing the fiber retracement level 23.6% of the last drop from the low of $ 13.43 to $ 10.11 low. There is also a key linking the downtrend line forming with resistance to $ 11.30 on the hourly chart of the ETC / USD pair. Above the trendline, the next major resistance is close to $ 11.80. Represents the 50% fiber retracement level of the last drop from $ 13.43 up to $ 10.11 below. On the downside, the $ 10.00 support zone has great significance.
The graph suggests that the price of ETC may correct some points towards $ 11.50-12.00. However, if buyers fail to take control above $ 11.20, the price may fall further. In the case cited, ETC could also break the $ 10.00 handle to test the $ 9.25 support.
MACD timetable – The MACD for ETC / USD is heavily in the bullish zone.
RSI timetable – The RSI for ETC / USD is now well below the 30 level.
Main support level – $ 10.00 [19659008] Main resistance level – $ 11.80 [19659015]
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