RATE Group | Ethereum Classic Price Analysis: ETC/USD in Downtrend Below $11.20
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Ethereum Classic Price Analysis: ETC/USD in Downtrend Below $11.20

13 Sep Ethereum Classic Price Analysis: ETC/USD in Downtrend Below $11.20

Posted at 10:02h in Ethereum News by

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Key Highlights

  • Ethereum classic price is under pressure below the $11.20 and $11.40 resistances against the US dollar.
  • There is a declining channel in place with resistance at $11.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair remains at a risk of more declines as long as it is below the $11.00 and $11.20 resistances.

Ethereum classic price recently found support against the US Dollar and Bitcoin. ETC/USD is recovering, but upsides could be capped by $11.00 and $11.20.

Ethereum Classic Price Resistance

There was a downside extension in ETC price below the $11.00 support area against the US dollar. The ETC/USD pair declined below the $10.50 and $10.25 support levels. It traded as low as $10.15 before buyers appeared. Later, there was an upside correction and the price moved back above $10.50. There was also a break above the 50% Fib retracement level of the last decline from the $11.49 high to $10.15 low.

However, the upside move was capped by the $11.00…

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