Ethereum Classic Needs To Remain Above The $14 Mark To Amass More Gains Short-Term

Ethereum Classic (ETC) lost most of its gains it gathered during the Coinbase announcement, and the digital currency has declined below the $16 mark against the US dollar. The value of the digital currency is currently under severe pressure against Bitcoin (BTC) and the US dollar. Ethereum Classic (ETC) is currently supported at the $14 marks, and it needs to stay over that level to prevent further losses.

Ethereum Classic (ETC) Price Today – ETC / USD

Ethereum Classic

At the time of writing, Ethereum Classic (ETC) is trading at $14.90 mark after a decrease of about 0.5 percent over the past twenty-four hours. The market cap of the digital currency is $1.53 billion and its trading volume over the past twenty-four hours is $263.92 million.

Ethereum Classic (ETC) Price Watch

There was a key downward movement below the $18 mark in the value of ETC against the U.S dollar. The digital currency plunged and broke beneath the support levels at $17.5 and $16. The decline continued until it broke the support at the $15 mark.

The digital currency even tested the $14.20 mark before it started correcting higher. The immediate resistance of the coin on the upside is close to the $15 to $15.10 mark. There is also a formation of a key bearish trendline with resistance at the $15.3 mark on the one-hour chart of ETC/USD.

Over the trendline, the 23.6 percent Fibonacci retracement level of the previous swing from the high of $20.23 to the low of $14.20 is at $15.89. If the digital currency manages to surge over the trendline and the $15.89 mark, the next resistance is close to the $16.8 mark.

Also, the 38.2 percent Fibonacci retracement level of the previous swing from the high of $20.23 to the low of $14.20 is at $16.72. The charts also indicate that the coin has trimmed most of the gains it amassed last week, and the coin needs to stay over its immediate support at the $14 mark in order to recover quickly in the short-term.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.