Key Highlights

• Ethereum classic price after a decent upside move faced sellers near $47-48 against the US dollar.
• There is a declining channel forming with resistance at $40.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
• The pair may continue to move down and it could test the $34.00 or even $32.00 support area.

Ethereum classic price is under pressure against the US Dollar and Bitcoin. ETC/USD may correct further towards the $32.00 level in the near term.

Ethereum Classic Price Resistance

After a major upside move above the $45.00 level, ETC price faced offers against the US dollar. The price traded as high as $47.29 and later started a downside move. It traded below a few key support levels such as $45.00 and $40.00. There was a break below the $38.00 pivot and the price settled below the 100 hourly simple moving average. The recent low formed was $35.96 and the price is currently consolidating losses.

An initial resistance on the upside is around the 23.6% Fib retracement level of the last decline from the $47.29 high to $35.96 low. There is also a declining channel forming with resistance at $40.50 on the hourly chart of the ETC/USD pair. The pair may correct higher towards $40.00 and the 100 hourly simple moving average. However, it is likely to face a lot of resistances around $40.00-40.50. The 38.2% Fib retracement level of the last decline from the $47.29 high to $35.96 low is also at $40.22 to act as a hurdle.

It won’t be easy for ETC buyers to break the $40.00-40.50 resistance levels. On the downside, the price may decline further towards the $34.00 and $32.00 support levels in the near term.

Hourly MACD – The MACD for ETC/USD is advancing in the bearish zone.

Hourly RSI – The RSI for ETC/USD is now placed in the oversold levels around 30.

Major Support Level – $34.00

Major Resistance Level – $40.00

Charts courtesy – Trading View, Kraken