RATE Group | Ethereum Classic Price Technical Analysis – ETC/USD Under Pressure
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Ethereum Classic Price Technical Analysis – ETC/USD Under Pressure

26 Apr Ethereum Classic Price Technical Analysis – ETC/USD Under Pressure

Posted at 14:29h in Ethereum News by

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Key Highlights

  • Ethereum classic price started a fresh decline from the $23.00 swing high against the US dollar.
  • There was a break below a key bullish trend line with support at $20.40 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair is currently trading below $20.00 and it is at risk of more declines in the near term.

Ethereum classic price is under pressure against the US Dollar and Bitcoin. ETC/USD may consolidate in the short term before surpassing $20.00.

Ethereum Classic Price Resistance

After a nice upside move, ETC price failed to test and break the $23.00 resistance against the US dollar. The ETC/USD pair formed a top at $22.90 and started a downside move. It declined and surpassed a few important supports such as $21.00 and $20.50. More importantly, there was a break and close below the $20.00 support and the 100 hourly simple moving average.

During the drop, there was a break below a key bullish trend line with support at $20.40 on the hourly chart of the…

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