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Key points
- The classic Ethereum price started a new decline after trading near $ 5.30 against the US dollar.
- There was a break below an important uptrend line with support for $ 4.60 on the hourly chart of the ETC / USD pair (data feed via Kraken).
- The pair is now at risk for more losses below $ 4.40 and $ 4.20 levels.
The classic price of Ethereum dropped sharply against the US dollar and Bitcoin. ETC / USD is back in a bearish zone and could revisit the $ 4.00 support level.
Analysis of the classic prices of Ethereum
Last week, there was a decent recovery above $ 4.80 in the ETC price compared to the US dollar. The ETC / USD pair has exceeded the resistance levels $ 5.00 and $ 5.20. A maximum of $ 5.27 was formed and thereafter the price started a new decline. It fell sharply and broke the $ 5.00 support and the 100-hour simple moving average. There was even a break below the Fib retracement level 76.4% of the last wave from $ 4.40 low to $ 5.27 high.
Furthermore, there was a break below an important uptrend line with support of $ 4.60 on the hourly chart of the ETC / USD pair. The pair is currently trading near the $ 4.40 minimum, which serves as a support. If the price continues to fall, you could test the $ 4.20 support. It matches the 1.236 Fib extension level of the last wave from the low of $ 4.40 to $ 5.27 high. However, key support is close to the $ 4.00-4.05 zone where buyers are likely to emerge. If the price corrects higher, previous supports at $ 4.50 and $ 4.75 are able to prevent gains.
The chart suggests that the price of the ETC is back in a bearish zone with a closing below $ 5.00 and 100 SMA. The next stop for sellers could be $ 4.20 or $ 4.05.
MACD timetable – The MACD for ETC / USD is slowly returning to the bullish zone.
RSI timetable – The RSI for ETC / USD is recovering towards level 45.
Main support level: $ 4.20
Main resistance level: $ 4.75
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