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Key points
- The classic price of Ethereum dropped sharply and broke the supports of $ 8.00 and $ 7.00 against the US dollar.
- C & # 39; is a short-term consolidation model that is formed with resistance at $ 7.70 on the hourly chart of the ETC / USD pair (data feed via Kraken).
- The pair is in a bigger downtrend and may fall back towards $ 7.00 or $ 6.70 in the short term.
The classic price of Ethereum is subject to strong selling pressures against the US dollar and Bitcoin. ETC / USD traded at a new 2018 low under the $ 7.00 support.
Analysis of the classic prices of Ethereum
There was no recovery above the resistance of $ 9.25 in the ETC price compared to the US dollar. The ETC / USD pair started a strong downtrend and broke support levels $ 8.00 and $ 7.00. The decline was as bad as the price traded at a new 2018 low at $ 6.70. Later, there was a minor recovery above $ 7.00, but the price is still well below the simple 100-hour moving average.
The price has recently recovered above the Fib retracement level at 23.6% from the recent decline from $ 9.19 up to $ 6.7 below. However, the price is facing solid resistance near the $ 7.80-8.00 area. It is also a short-term consolidation model that is formed with resistance to $ 7.70 on the hourly chart of the ETC / USD pair. Above consolidation strength, Fibra's 50% retracement level of the recent decline from $ 9.19 up to $ 6.7 below is close to $ 7.95. Therefore, the price is likely to find a strong selling interest close to the $ 7.80 and $ 8.00 levels. On the downside, initial support is at 7.20, below which the price may fall below $ 7.00.
The chart suggests that the price of the ETC is under pressure and could resume its decline towards the levels of $ 7.20 or $ 7.00 in the short term.
MACD schedule – The MACD for ETC / USD is slowly reducing its downward slope.
RSI schedule – The RSI for ETC / USD is well below level 40.
Main support level: $ 7.00
Main resistance level – $ 8.00
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