THELOGICALINDIAN - Ethereum archetypal amount is aback in a bearish area adjoin the US Dollar and Bitcoin ETCUSD is acceptable to abatement aback appear the 1000 akin in the abreast term
Ethereum Classic Price Dropped Heavily
After a appropriate upside move aloft the $14.00 level, ETC amount faced sellers abreast $14.20 adjoin the US dollar. The ETC/USD brace started a aciculate downside move and bankrupt the $14.00 and $12.00 abutment levels. The amount alike acclimatized beneath the $12.00 abutment and the 100 alternate simple affective average. It seems like a acute average appellation top was formed abreast the $14.40 level.
During the decline, there was a breach beneath an important bullish trend band with abutment at $14.00 on the alternate blueprint of the ETC/USD pair. The brace traded as low as $11.03 and it is currently consolidating. An antecedent attrition is abreast the $11.75 level. Moreover, the 23.3% Fib retracement akin of the aftermost abatement from the $14.23 aerial to $11.03 low is additionally abreast the aforementioned zone. Additionally, there is a abutting bearish trend band in abode with attrition at $11.60 on the aforementioned chart.
The chart suggests that ETC amount is aback in a bearish area beneath $12.00. If it corrects higher, it could face sellers abreast $11.60, $11.80 and $12.00. The abutting above hurdle is abreast the 50% Fib retracement akin of the aftermost abatement from the $14.23 aerial to $11.03 low at $12.63. On the downside, sellers could eye a analysis of the $10.00 support.
Hourly MACD – The MACD for ETC/USD is aback in the bearish zone.
Hourly RSI – The RSI for ETC/USD is currently able-bodied beneath the 35 level.
Major Support Level – $11.00
Major Resistance Level – $12.00
