RATE Group | Ethereum Classic Price Analysis: ETC/USD Could Retest $4.00 Support
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Ethereum Classic Price Analysis: ETC/USD Could Retest $4.00 Support

04 Dec Ethereum Classic Price Analysis: ETC/USD Could Retest $4.00 Support

Posted at 17:42h in Ethereum News by

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Key Highlights

  • Ethereum classic price started a fresh decline after trading close to $5.30 against the US dollar.
  • There was a break below a major bullish trend line with support at $4.60 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair is now at a risk of more losses below the $4.40 and $4.20 levels.

Ethereum classic price declined sharply against the US Dollar and Bitcoin. ETC/USD is back in a bearish zone and it could revisit the $4.00 support level.

Ethereum Classic Price Analysis

This past week, there was a decent recovery above $4.80 in ETC price against the US dollar. The ETC/USD pair traded above the $5.00 and $5.20 resistance levels. A high was formed at $5.27 and later the price started a fresh decline. It traded lower sharply and broke the $5.00 support and the 100 hourly simple moving average. There was even a break below the 76.4% Fib retracement level of the last wave from the $4.40 low to $5.27 high.

Moreover, there was a break below a major bullish…

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