Ethereum Classic (ETC) Continues To Find Support Against The USD 

The price of Ethereum Classic has found strong support near $11.80 against the USD. The support was reached after Ethereum Classic declined from $13.50 breaking the $13.00 support against the USD. A major bullish trendline was formed with support at $12.60 and the trading pair fell below $12.00 forming a low at $11.89 before it found support. Ethereum Classic (ETC) fell below a significant support against the USD and against Bitcoin. It found a new support below $12.00 and started consolidating its losses.

The Price Of Ethereum Classic Stays Supported Against The USD

During the early hours of trading, there was a price rejection above $13.40 against the USD. The price of Ethereum Classic fell below $13.00 and even below 12.80. It fell so low that the support at $12.50 was broken. The price of Ethereum Classic settled below the 100 hourly SMA and there was a rise below $12.00 briefly before the price fell as low as $11.89. Ethereum Classic broke another key bullish trendline that had support at $12.60 finding a new support around $11.90 before it started consolidating its losses.

Ethereum Classic (ETC) Price Today – ETC / USD

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The price of Ethereum Classic tested the 23.6% Fibonacci retracement level of the last slope from $13.49 to $11.89. The upside move was capped around & 12.40. The next significant hurdle above this is at $12.70. This point is also close to the 100 hourly SMA. The 50% Fibonacci retracement level of the last fall from $13.49 to $11.89 was around $12.70. From there, an upside move resumed and was capped around $12.70 and $12.00.

Ethereum Classic Technical Analysis

The technical charts show that the price of Ethereum Classic (ETC) needs to hold the gains above $11.80 if it is to avoid falling lower. If it can’t hold this level, it will most likely fall as low as $11.50. The relative strength index is below 40 and the MACD on the hourly chart is in the bearish territory. The significant support is at $11.80 and the significant resistance is at $12.80.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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