The price of ETC has joined Bitcoin, Ethereum and other cryptocurrencies on the bearish spree. After Ethereum Classic failed to settle above the resistance at $14.00, the price took a significant dip against the USD. ETC broke a bullish trendline that was supported at $14.00. The ETC to USD pair declined sharply to $11.00 and it may fall even lower towards $10.00. Ethereum Classic is trading bearish against Bitcoin and against the USD.
Ethereum Classic (ETC) Price Today – ETC / USD
Ethereum Classic (ETC) Enters Bearish Zone Against The USD
The bullish run seems to have come to an end with cryptocurrency prices losing gains. During the upside rally, the price of Ethereum Classic went above $14.00 trading as high as $14.20 against the USD. The sellers showed up at this point and pushed the price downward against the USD. At first, the price settled below the 100 hourly SMA which also happens to be below $12.00. Medium-term, the price may have a top at $14.40.
While the price of Ethereum Classic declined, it traded as low as $11.03. This morning, it started consolidating its losses against the USD. The $11.75 level acted as resistance and the 23.3% Fibonacci retracement level of the last fall from $14.23 to $11.03 also acted as resistance. A connecting bearish trendline with resistance at $11.60 was also formed on the price chart.
Ethereum Classic Technical Analysis
The technical charts this morning shows that the price of Ethereum Classic (ETC) is bearish against the USD below $12.00. Even if an upward correction is attempted, sellers will put pressure on the buyers around $11.60. There will also be resistance at $11.80 and $12.00. At the time of writing, Ethereum Classic was trading at $11.40. This indicates a 4.04% fall against the USD and a 3.23% fall against Bitcoin. The trading volume within a 24 hour period is $270,305,029 while the total market capitalization is $1,189,078,959. The relative strength index is below 35 and the MACD on the hourly chart is fully in the bearish zone. The significant resistance is at $12.00 while the significant support is at $11.00.