Ethereum Classic price analysis: ETC/USD down 2.5%, trading with a large flagged bearish trendline
|- Ethereum classic breaks below two support levels in the recent decline.
- Both retracements are now acting as resistance levels as the selling pressure increases
Ethereum Classic is in a descending channel on Wednesday and has recorded a 2.5% drop since trading commenced today. The cryptocurrency market has been in the red since the start of the week. The prices are yet to recover from the regulation news from the United States SEC and Japan’s Financial Services Agency.
Currently, Ethereum Classic has broken the ranging channel formed during the trading on Tuesday 13. Once the declines were initiated around $20.16, ETC/USD broke below critical support levels at $20.00 and 19.00 respectively. The crypto found support at $18.20 level and is now trading in a range again, although, there is significant flagged bearish trendline taking shape.
During the decent today, the price broke below the 38.2% and the 23.6% Fib retracement levels with the last swing high of $22.7 and a low of $18.2. Both retracements are now acting as resistance levels as the selling pressure increases. The support level at $18.2 is short term because with increasing selling pressure, declines could push the price near the $15.00 level.
ETC/USD hourly price chart
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