Ethereum Classic (ETC) Falls Dipper Into The Bearish Zone In Today’s Price Analysis

The price of Ethereum Classic (ETC) has fallen dipper into the bearish territory and is currently trading below the support levels of $13.50 and $13.00. The price of Ethereum Classic has formed a significant bearish trendline that has resistance at $12.80 according to the price chart. From the indicators, Ethereum Classic may correct higher short-term and break the resistances at $12.80 and $13.00. The price of Ethereum Classic is already below a significant support but the sellers may be able to take control of the market and boost the price above $13.00.

Ethereum Classic (ETC) Faces Resistance

The downside move that had a fresh start from $14.70 that pushed the price below the support levels at $13.00 and even $12.50. Ethereum Classic even traded near the $12.00 support level forming a low around $12.19 before a price correction started. The upside correction took the price of Ethereum Classic to the $13.00 level. It settled above the 100 hourly SMA. At the time of writing, Ethereum Classic was consolidating its losses above the $12.20 level. It will most likely correct higher soon.

Ethereum Classic (ETC) Price Today – ETC / USD

Name Price24H (%)
Bitcoin (BTC)
$3,989.93
0.09%
Ethereum Classic (ETC)
$4.87
1.60%

The price formed an initial resistance around the 23.6% Fibonacci retracement level of the last slope from $13.75 to $12.19. A significant bearish trendline was formed with a $12.80 resistance on the hourly chart. That same bearish trendline is near the 50% Fibonacci retracement level of the last wave from $13.75 to $12.19. If Ethereum Classic can break below this level, it will have enough momentum to accumulate gains above $13.40. If it is unable to move higher than this level, it may fall as low as $12.20. Below this level, the next support will be around $12.00.

Ethereum Classic Technical Analysis

The technical charts show that Ethereum Classic is at risk of more losses if it falls below $12.20. Traders are encouraged to sell on price rallies near $12.80 and $13.00. This is according to the price analysis of Aayush Jindal on Newsbtc. The relative strength index is below 45 and the MACD on the hourly chart is in the bearish territory. The major resistance level is at $13.00 while the major support level is at 12.20.

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