The price of Ethereum Classic has declined significantly over the past trading sessions with ETC trading as low as $15.67 at one point. A significant bearish trendline with resistance at $16.35 was formed and the Ethereum Classic to USD pair will face hurdles at $16.40 and $16.60 short-term. The price action is bearish against Bitcoin and the USD. If Ethereum Classic is to recover, it must cross the resistance at $16.60.
The Price of Ethereum Classic and the USD
Ethereum Classic has suffered losses this week as the price has failed to move above the $17.00 support area. Instead, it has fallen all the way to the $15.67 level with difficulty in recovery. ETC has settled below the 100 hourly SMA. The price of Ethereum Classic attempted an upside move but buyers were faced with resistance at $16.60. Also, it did not close above the 23.6% Fibonacci retracement level of the last fall from $18.80 to $15.67.
Ethereum Classic (ETC) Price Today / USD
There was a significant bearish trendline with resistance at $16.35 that formed on the hourly chart according to the price analysis of Aayush Jindal from NewsBtc. The price of ETC is going lower into the bearish territory and struggling to hold support at $16.00. If the price breaks above the trendline and breaks above the resistance at $16.40, an upside recovery may be initiated. However, there is a significant resistance at $16.60 which is also the current pivot level. Ethereum Classic must break this pivot level if it is to have any hope of coming back to the $17.00 level.
Ethereum Classic Technical Analysis
The technical analysis of Ethereum Classic against the USD show that Ethereum Classic is having difficulty crossing the $16.35 area. Downside, there is an initial support at $16.00. Below this level, the price is most likely going to fall all the way to $15.70. If ETC breaks $15.70, it will decline to $15.50.
The relative strength index is below 50 and the MACD on the hourly chart is in the bearish territory. The significant support level is $15.70 and the significant resistance level is $16.60.