- Ethereum Classic price gives in to selling pressure, testing immediate support at $17.00.
- Technical indicators sending bearish signals, lower corrections will dominate in the short-term.
Ethereum Classic price has been among the few if not the only digital currency in the top 20 bracket that has been maintaining the fireworks for two weeks now. However, a fall or to be a subtle an equilibrium was bound to happen sooner or later. ETH/USD had broken the bullish ascending channel support and is currently trading below the broken support at $17.50.
The crypto has been breaking barriers on the upside in the last couple of weeks. There was a breakout at $15.00 which opened the door for more corrections overcoming the selling pressure at $17.00 and $18.50. The price also tested the key resistance area explored in the price analysis on Monday. The Bulls lacked the momentum to attack $19.00 (current breakout zone). The sellers are currently seeking equilibrium which has led to a slide testing the support at $17.00.
The indicators like the stochastic and the RSI are in the oversold territory, while the bear momentum will continue in the near-term. There are several other support areas (former resistance levels) highlighted by the Fib retracement levels. The 61.8% Fib level will halt declines if the immediate support at $17.00 is broken.
ETC/USD 1-hour chart
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