The Ethereum Classic (ETC) to USD trading pair failed to hold the significant $16.25 support against the USD. A major bearish trendline was formed and it had resistance at $15.65. The pair is at risk of losing more as long as it remains below the resistances at $15.70 and $16.00. The Ethereum Classic to USD trading pair is still in the bearish zone against Bitcoin just like it is against the USD. The pair must move above the $16.00 if it is to have any hope of an upside recovery.
Ethereum Classic (ETC) To USD Price Decline
The ETC to USD trading pair was positive above $16.50 earlier in the week. After some trading sessions passed, the pair managed to clear the $17.25 and 17.30 resistance levels twice. The buyers were unable to gain traction above $17.30 and this led to a bearish reaction that caused a price decline. The decline broke several supports at $15.00, $16.00, $16.25, and $16.50 with a close below the 100 hourly SMA and the $16.00.
Ethereum Classic (ETC) Price Today – ETC / USD
The Ethereum Classic to USD trading pair subsequently formed a low at $14.90 after which an upward correction began. The buyers were able to push the price passed the 38.2% Fibonacci retracement level of the last slope from $16.15 to $14.90. The move upside was capped at $15.50. There was also resistance at the 50% Fibonacci retracement level of the last slope from $16.15 to $14.90. A major bearish trendline with resistance was formed at $15.65. The price will need to break above $15.65 and $15.50 to recover short-term.
Ethereum Classic Technical Analysis
The Ethereum Classic (ETC) to USD pair is in the bearish zone which is below the $16.25 and $16.00 support zones according to the price analysis of Aayush Jindal. Downside, the significant support is $15.00. If the price falls below this level, it may keep declining until it gets to $14.20.
The relative strength index is for the Ethereum Classic (ETC) to USD trading pair is near 40 and the MACD on the hourly chart is moving into the bullish territory. The significant support level is at $15.00 while the significant resistance level is at $16.00.