THELOGICALINDIAN - Ethereum archetypal amount is in a bearish trend adjoin the US Dollar and Bitcoin ETCUSD has to beat the 1660 attrition to alpha a appropriate recovery
Ethereum Classic Price Decline
There were heavy losses this anniversary in ETC amount as it confused beneath the $17.00 abutment adjoin the US dollar. The ETC/USD brace alike bankrupt the $16.00 abutment and acclimatized able-bodied beneath the 100 alternate simple affective average. It traded as low as $15.67 and is currently disturbing to recover. There was a accessory upside move, but buyers faced hurdles abreast $16.60-70. Moreover, there was no abutting aloft the 23.6% Fib retracement akin of the aftermost bead from the $18.80 aerial to $15.67 low.
More importantly, there is a aloft bearish trend band formed with attrition abreast $16.35 on the alternate blueprint of the ETC/USD pair. The brace is boring affective lower and is captivation the $16.00 abutment area. On the upside, a breach aloft the trend band and $16.40 attrition could bright the aisle for a appropriate recovery. However, there is additionally a acute attrition and a axis area at $16.60-70. The amount charge breach the declared pivot zone to date a improvement aloft the $17.00 level.
The chart suggests that the amount is award it boxy to bright the trend band at $16.35-40. On the downside, the $16.00 akin is an antecedent support. Below this, the amount may conceivably retest the $15.70 low or it could alike breach appear $15.50.
Hourly MACD – The MACD for ETC/USD is boring affective in the bearish zone.
Hourly RSI – The RSI for ETC/USD is currently able-bodied beneath the 50 level.
Major Support Level – $15.70
Major Resistance Level – $16.60
