Key Key Aspects
- The classic price of Ethereum fell below $ 13.50 and $ 13.00 support against the US dollar.
- C & # 39; is a bearish trend line with a resistance of $ 12.80 on the hourly chart of the ETC / USD pair (Data feed via Kraken).
- The pair could eventually correct higher in the short term towards the $ 12.80 and $ 13.00 resistors.
The classic price of Ethereum fell below key supports against the US dollar and Bitcoin. ETC / USD could recover in the short term, but could face sellers close to $ 13.00
Ethereum Classic Price Resistance
There was a new beginning of a downward movement from the $ 14.70 rise of the price of ETC compared to the US dollar. The ETC / USD pair declined heavily and broke support levels of $ 13.00 and $ 12.50. It traded near the $ 12.00 level and stood at a low of $ 12.19. The price has stabilized below the support level of $ 13.00 and the simple moving average at 100 hours. At the moment, the price is consolidating losses above $ 12.20 and could correct higher.
An initial resistance is close to the Fib retracement level of 23.6% from the last decline from $ 13.75 upwards to $ 12.19 below. There is also a key bearish trend line formed with resistance at $ 12.80 on the hourly chart of the ETC / USD pair. The same trend line is positioned close to the 50% fiber retracement level of the last decline from $ 13.75 upwards to $ 12.19 below. A break above the resistance of the trend line could open the door to further gains towards the $ 13.40 level. If the price does not move higher, it could break the recent low near $ 12.20. The next support awaits the negative side at $ 12.00.
The graph suggests that the price of ETC remains at risk of further losses below the level of $ 12.20. The rally sale near $ 12.80 and $ 13.00 is a decent option.
MACD timetable – The MACD for ETC / USD is moving in the bearish zone.
RSI timetable – The RSI for ETC / USD is now well below the level 45.
Major Support Level – $ 12.20  Major Resistance Level – $ 13.00