RATE Group | Ethereum Classic Price Analysis: ETC/USD is Bearish Below $13
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Ethereum Classic Price Analysis: ETC/USD is Bearish Below $13

21 Aug Ethereum Classic Price Analysis: ETC/USD is Bearish Below $13

Posted at 19:43h in Ethereum News by

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Key Highlights

  • Ethereum classic price declined below the $13.50 and $13.00 support levels against the US dollar.
  • There is a key bearish trend line formed with resistance at $12.80 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair may possibly correct higher in the near term towards the $12.80 and $13.00 resistances.

Ethereum classic price declined below key supports against the US Dollar and Bitcoin. ETC/USD might recover in the short term, but it could face sellers near $13.00.

Ethereum Classic Price Resistance

There was a fresh start of a downside move from the $14.70 swing high in ETC price against the US dollar. The ETC/USD pair declined heavily and broke the $13.00 and $12.50 support levels. It traded close to the $12.00 level and formed a low at $12.19. The price settled below the $13.00 support level and the 100 hourly simple moving average. At the moment, the price is consolidating losses above $12.20 and it could correct higher.

An initial resistance is…

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