Ethereum Classic (ETC) Fails to go Above the $18.80 Resistance Level as the Bears Take Over the Market

Ethereum Classic has had a good run for the past few months. However, the cryptocurrency was unable to move above the $18.80 resistance level. The price broke below a key bullish trend line that was formed at $18.20. Currently, Ethereum Classic is trading below $18.00 and below the 100 hourly SMA. Little by little, the price is moving lower and the decline may continue if the price doesn’t move above the $18 or $18.20 resistance level soon.

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Ethereum Classic to USD Price Analysis

Against the USD, Ethereum Classic attempted an upside move but it could not hold above the $18.80 resistance level. The Ethereum Classic to USD pair subsequently formed a high around $19.00 before the downside move resumed. The price tried to clear the hurdles a second time but stopped going up at $18.81 and started moving down again breaking the $18.50 support level. There was a price close below $18.00.

Ethereum Classic (ETC) Price Today / USD

Ethereum Classic

Ethereum Classic broke below a significant bullish trend line that was formed with support at $18.20. The ETC to USD trading pair is moving lower to the $17.60 level. There is an immediate support at $17.40. After this support, the next support will be at $16.60. Upside, there is resistance around the 23.6% Fibonacci retracement level of the last wave from $18.81 to $17.61. The most significant hurdle is around $18.20.

Ethereum Classic to USD Technical Analysis

The Ethereum Classic to USD price chart indicates that the cryptocurrency is facing a significant resistance around $18.20. If the price doesn’t recover above $18.00 and $18.20, it may fall lower to the $17.60 level short-term.

The relative strength index is around the oversold level and the MACD on the hourly chart is going further into the bearish zone. The significant resistance level is at $18.20 while the significant support level is at $18.20. Traders should not make any long-term positions yet as the problem is affecting the entire market and not just Ethereum Classic.


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