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Key points
- The classic price of Ethereum has recently dropped below $ 7.00 and $ 6.00 against the US dollar.
- C & # 39; is a short-term bearish trend line formed with resistance to $ 6.00 on the hourly chart of the ETC / USD pair (data feed via Kraken).
- The pair is likely to extend the current decline to support levels of $ 5.20 and $ 5.00.
The classic price of Ethereum dropped significantly compared to the US dollar and Bitcoin. ETC / USD may continue to fall below $ 5.50 to test $ 5.00.
Analysis of the classic prices of Ethereum
After falling to the $ 7.00 level, the ETC price began a short-term consolidation against the US dollar. The ETC / USD pair corrected some points above $ 7.20, but failed to gain traction. The price has been declined near the $ 7.50 level and the simple 100-hour moving average. As a result, there was a sharp decline and the price was trading below support levels $ 7.00 and $ 6.90.
He traded at $ 5.92 before correcting again. He tested the fiber retracement level of 23.6% from the recent decline from a minimum of $ 7.56 to a minimum of $ 5.92. However, the positives were redetermined again close to $ 6.30 and the price has declined. He beat the $ 5.92 minimum and traded at a new annual low. The current price action is super bearish below $ 6.00 and it seems that the price could accelerate below the levels of $ 5.80 and $ 5.50 in the short term. On the upside, there is a decent resistance formed near $ 5.90. In addition, there is a short-term bearish trend line formed with resistance to $ 6.00 on the hourly chart of the ETC / USD pair.
The chart suggests that the price of the ETC remains at risk of a "bearish" extension below $ 5.50. If the sellers remain in stock, the next stop for them could be $ 5.20 or even $ 5.00. On the upside, resistance is $ 6.00 and $ 6.75.
MACD schedule – The MACD for ETC / USD is about to return to the bearish zone.
RSI timetable – The RSI for ETC / USD is well below the 30 level.
Main support level: $ 5.50
Main resistance level: $ 6.00
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