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Key points
- The classic price of Ethereum extended losses and reached $ 8.75 against the US dollar.
- The important downtrend following this week remained intact with resistance to $ 9.25 on the hourly chart of the ETC / USD pair (data feed via Kraken).
- The pair may recover some points, but it is likely to cope with sellers close to $ 9.20 and $ 9.25.
The classic price of Ethereum has further decreased compared to the US dollar and Bitcoin. ETC / USD remains in a downtrend as long as the price is less than $ 9.30.
Analysis of the classic prices of Ethereum
There were further losses noted below the $ 9.00 support in the price of ETC against the US dollar. The ETC / USD pair dropped to $ 8.75 and stabilized below the 100-hour simple moving average. The price traded from $ 8.74 and then started an upward correction. It has moved above the fiber retracement level of 23.6% of the last slide, from $ 9.60 to $ 8.74 at the bottom.
However, the price has struggled to overcome the resistance of $ 9.00. The 100-hour moving average is positioned near $ 9.15 to act as a resistance. In addition, the 50% fiber retracement level of the last slide from $ 9.6 higher to $ 8.74 below is also close to $ 9.15. More importantly, this important bearish trend line followed this week is intact with resistance at $ 9.25 on the hourly chart of the ETC / USD pair. Therefore, if the pair continues to move higher, it is likely that sellers close to $ 9.20 and $ 9.25. Only a close above the trend line and the $ 9.30 level could push the price towards the resistance of $ 10.00.
The chart suggests that the price of the ETC is following a downward trend from the minimum of $ 10.00. If it can not recover above the $ 9.30 level, there may be a new selling pressure. The main supports on the negative side are $ 8.75 and $ 8.60.
MACD schedule – The MACD for ETC / USD is about to return to the bearish zone.
RSI timetable – The RSI for ETC / USD has just moved below level 50.
Main support level: $ 8.75
Main resistance level: $ 9.25
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