Ethereum classic expenditure started a fresh wane after trading close to $5.30 against the U s dollars. There was a undermine below a major buoyant trend line with carry at $4.60 on the hourly map of the ETC/ USD duet( Data feed via Kraken ). The duo is now at a risk of more losses below the $4.40 and $4.20 stages.
Ethereum classic expenditure waned sharply against the US Dollar and Bitcoin. ETC/ USD is back in a bearish zone and it is able to revisit the $4.00 endorsement level.
Ethereum Classic Price Analysis
This past week, there was a decent recovery above $4.80 in ETC price against the U s dollars. The ETC/ USD duet traded above the $5.00 and $5.20 resist grades. A high was formed at $5.27 and later the price started a fresh fall. It transactions lower aggressively and broke the $5.00 aid and the 100 hourly simple-minded moving average. There was even a break below the 76.4% Fib retracement tier of the last wave from the $4.40 low-spirited to $5.27 high.
Moreover, there was a breaking below a major optimistic trend line with reinforcement at $4.60 on the hourly planned of the ETC/ USD pair. The pair is currently trading near the $4.40 low-spirited, which is acting as a funding. If the expenditure continues to move down, it could test the $4.20 substantiate. It coincides with the 1.236 Fib extension level of the last wave from the $4.40 low-pitched to $5.27 high-pitched. Nonetheless, the key corroborate is near the $4.00 -4. 05 area where buyers are likely to rise. If the expenditure corrects higher, the previous subsistences at $4.50 and $4.75 are likely to prevent gains.
The chart suggests that ETC price is back in a bearish region with a close below $5.00 and 100 SMA. The next stop for vendors could be either $4.20 or $4.05.
Hourly MACD- The MACD for ETC/ USD is gradually gotta go back in the bullish zone.
Hourly RSI- The RSI for ETC/ USD is healing towards the 45 level.
Major Support Level- $4.20
Major Resistance Level- $4.75
The post Ethereum Classic Price Analysis: ETC/ USD Could Retest $4.00 Support showed first on NewsBTC.