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Key points
- The classic price of Ethereum is currently under pressure below the $ 9.25 support against the US dollar.
- There is a downtrend line in place with resistance at $ 9.25 on the hourly chart of the ETC / USD pair (data feed via Kraken).
- The pair remains at risk of further losses of less than $ 9.00 if it fails to exceed $ 9.25.
The classic price of Ethereum is currently in a bearish zone compared to the US dollar and Bitcoin. ETC / USD could perhaps continue to decline towards $ 8.80 or $ 8.60.
Analysis of the classic prices of Ethereum
Ultimately, we discussed the key support for $ 9.20 – $ 9.25 in the ETC price versus the US dollar. The ETC / USD pair failed to stay above the $ 9.25 support and declined further. It traded below the $ 9.00 support and positioned below the 100-hour simple moving average. The price starts at $ 8.90 and subsequently corrected higher. It has moved above the $ 9.10 level and the Fib retracement level 23.6% from the recent decline from $ 9.57 high to $ 8.90 low.
However, the upward move was limited by the $ 9.25 level, which was previously a support. In addition, the 50% retracement level of Fibra's recent decline from the low of $ 9.57 to $ 8.90 acted as a barrier. In addition, there is a bearish trend line in place with resistance at $ 9.25 on the hourly chart of the ETC / USD pair. The pair is currently under pressure and is trading around the $ 9.00 support. If sellers remain in stock, the price may perhaps extend losses below the $ 8.90 minimum. The next major support is $ 8.8, followed by $ 8.60.
The chart suggests that the price of the ETC is trading in a downward zone below $ 9.25. Only a closing above $ 9.20 and $ 9.25 could push the price into a positive area in the short term.
MACD timetable – The MACD for ETC / USD is positioned in the bearish zone.
RSI timetable – The RSI for ETC / USD is currently well below level 40.
Main support level: $ 9.00
Main resistance level: $ 9.25
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