Ethereum Classic Price Technical Analysis – ETC/USD Under Pressure

Key Highlights

  • Ethereum classic price declined recently and traded below the $26.00 support area against the US Dollar.
  • There is a major bearish trend line forming with resistance near $27.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair traded as low as $24.01 recently and it is currently correcting higher.

Ethereum classic price is under bearish pressure against the US Dollar and Bitcoin. ETC/USD is currently correcting higher, but is facing hurdles near $27.00 and $27.50.

Ethereum Classic Price Resistance

There was a start of a new downside reaction from the $30.50 swing high in ETC price against the US Dollar. The price moved down and broke a few important support levels such as $30.00 and $28.00. It traded close to the $24.00 level and formed a lot at $24.01. It is currently correcting higher and has already moved above the 23.6% Fib retracement level of the last decline from the $30.00 high to $24.01 low.

At the moment, the price is facing…

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