RATE Group | Ethereum Classic Price Analysis: Can ETC/USD Hold The $10.00 Support?
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Ethereum Classic Price Analysis: Can ETC/USD Hold The $10.00 Support?

14 Aug Ethereum Classic Price Analysis: Can ETC/USD Hold The $10.00 Support?

Posted at 11:51h in Ethereum News by

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Key Highlights

  • Ethereum classic price tumbled and broke the $12.50 and $11.20 support levels against the US dollar.
  • There is a key connecting bearish trend line forming with resistance at $11.30 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair is slowly correcting higher towards the $11.00 and $11.30 resistance levels.

Ethereum classic price made a sharp U-turn against the US Dollar and Bitcoin. ETC/USD broke the $12.50 support and is currently at risk of clearing $10.00.

Ethereum Classic Price Support

It seems like ETC price was rejected from well above the $14.00 level against the US dollar. The ETC/USD pair traded and consolidated above the $12.50 support for some time. However, sellers had the upper hand as they succeeded in clearing the $12.50 support. The price declined sharply below the $12.00 and $11.50 levels. The decline was such that the price even broke the $11.20 and $10.50 support levels.

A new monthly low was formed at $10.11 and the price is…

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