- Ethereum classic price declined sharply and broke the $8.00 and $7.00 supports against the US dollar.
- There is a short term consolidation pattern forming with resistance at $7.70 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is in a major downtrend and it could decline again towards $7.00 or $6.70 in the near term.
Ethereum Classic Price Analysis
There was no recovery above the $9.25 resistance in ETC price against the US dollar. The ETC/USD pair started a sharp downside move and broke the $8.00 and $7.00 support levels. The decline was nasty as the price traded to a new 2018 low at $6.70. Later, there was a minor recover above the $7.00, but the price is still well below the 100 hourly simple moving average.
The price recently recovered above the 23.6% Fib retracement level of the recent drop from the $9.19 high to $6.70 low. However, the price is facing a solid resistance near the $7.80-8.00 area. There is also a short term consolidation pattern forming with resistance at $7.70 on the hourly chart of the ETC/USD pair. Above the consolidation resistance, the 50% Fib retracement level of the recent drop from the $9.19 high to $6.70 low is near $7.95. Therefore, the price is likely to find a strong selling interest near the $7.80 and $8.00 levels. On the downside, an initial support is at 7.20, below which the price could slide below $7.00.
The chart suggests that ETC price is under a lot of pressure and it may resume its decline towards the $7.20 or $7.00 levels in the near term.
Hourly MACD – The MACD for ETC/USD is slowly reducing its bearish slope.
Hourly RSI – The RSI for ETC/USD is well below the 40 level.
Major Support Level – $7.00
Major Resistance Level – $8.00
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