Ethereum Classic Price Analysis: ETC/USD Could Decline Below $14

Ethereum Classic Price Analysis: ETC/USD Could Decline Below $14

Key Highlights
Ethereum classic price trimmed most of its Coinbase gains and declined below $16.00 against the US dollar.
There is a major bearish trend line in place with resistance at $15.30 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
The pair remains at a risk of more losses below the $14.50 and $14.00 support levels in the near term.
Ethereum classic price is under heavy selling pressure against the US Dollar and Bitcoin. ETC/USD could accelerate losses below the $14.00 support if sellers remain in action.

Ethereum Classic Price Decline
There was a major downside move from well above $18.00 in ETC price against the US dollar. The ETC/USD pair declined and broke the $17.50 and $16.00 support levels. The decline was such that the price even broke the $15.00 support level. A low was formed at $14.55 and the price is currently consolidating losses. An initial resistance on the upside is near the $15.00-15.10 zone.

There is also a major bearish trend line in place with resistance at $15.30 on the hourly chart of the ETC/USD pair. Above the trend line, the 23.6% Fib retracement level of the last decline from the $20.23 high to $14.55 low is at $15.89. If the price manages to move above the trend line and $15.80, the next hurdle is near the $16.80 level and the 100 hourly simple moving average. Moreover, the 38.2% Fib retracement level of the last decline from the $20.23 high to $14.55 low is also at $16.72.

Ethereum Classic Price Analysis ETC
The chart suggests that ETC price trimmed most its last week gains and traded back in a bearish zone below $16.00. Should there be an upside move, the price will most likely face sellers near the $15.80 and $16.00 levels. On the downside, a break below $14.55 could push the price below the $14.00 level.

Hourly MACD – The MACD for ETC/USD is slightly in the bullish zone.

Hourly RSI – The RSI for ETC/USD is now well below the 50 level.

Major Support Level – $14.00

Major Resistance Level – $15.80