According to crypto writer Aayush Jindal, the recent Ethereum Classic (ETC) price analysis indicates that the token retested a vital support region around 15.75 USD. The hourly chart of the ETC/USD pair also shows a significant bearish pattern developing at the 16.20 USD resistance level. From the Ethereum Classic (ETC) price analysis we can also see that the pair has the potential to break past the 16.20 USD resistance level and the 100 hour SMA. As of press time, the price of Ethereum Classic (ETC) is struggling to gain ground against Bitcoin (BTC) and the USD. The pair seems to be creating a double pattern close to 15.75 USD.
Ethereum Classic (ETC) Price Analysis Show That The Pair Have Declined From The 18.40 USD Support Level
There was a continuous decline in ETC’s price starting at 18.40 USD. The ETC/USD pair went on to decline further below from the 17.00 USD to 16.50 USD support area. It traded below 16.00 USD and created a new low near 15.75 USD. Later, prices began to correct higher and moved beyond the 16.40 USD support going on to break the 23.6 percent Fibonacci retracement level from the last drop starting from 18.38 USD to 15.75 USD.
Ethereum Classic (ETC) Price Today – ETC / USD
The 16.80 support level shielded the upside move. We can see a basic bearish pattern with resistance at 16.20 USD. The pair declined yet again to the 15.75 USD support region. At the moment, the couple is consolidating above just 15.75 which is a support area. It may move higher above 16.20 USD and create a double bottom trendline. A break above 16.20 USD and the 100 hour SMA could see more gains come in. The next resistance is by the 50 percent Fibonacci retracement level of the last drop from 18.38 USD to 15.75 USD near 17.00 USD.
The price of the cryptocurrency must remain above the $15.75 support area in order to move higher. Should the price fail to stay above that support region, there will be a risk of a shift downward to the 15.00 USD level.