Ethereum classic price analysis: ETC/USD dips 8%, retests key support on Monday; recovery underway on Tuesday
|- Ethereum price is forming a bullish trend, price correcting higher towards the 23.6 Fibo.
- ETH/USD price in a slow recovery trend trading higher lows and lower highs.
Ethereum classic price recovery is underway after dropping sharply on Monday. The currency is currently testing the key support area at $26.4 level. This downward trend was initiated following news from one of the world’s largest cryptocurrency exchanges, Bittrex, saying that it was not going to support Ethereum Classic and Callisto airdrop read more here.
The downward trend was started from $34.50 price swing high. The price corrected lower to trade to trade below major support zones at $32.00 and $30.00 respectively. Moreover, the price experienced a break past the support level at $28.00 which was near the 100-simple moving average trend indicator. ETC/USD has traded as low as $26.4 which is now acting as a major support level on the hourly price chart.
Technical picture
Currently, Ethereum Classic price is correcting higher towards $27.00 (23.6% Fib resistance level). Significantly, the resistance level at $27.3 is a major hurdle in the price upside gains. The price is in a slow recovery trend trading higher lows and lower highs. For the currency to maintain upside gains, the bulls have to push the price past $27.3 which could see the price encounter the major resistance level at $28.50 and $29.50. On the downside, the major support is at $26.00, and a break below this level could see Ethereum Classic price experience more declines heading near closer to $25.00
ETC/USD price hourly chart
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