- Ethereum Classic broke barriers to trade above $18.00 following Coinbase announcement that it plans to list ETC.
- ETC/USD has broken trendline support, the bearish trend is likely to break the short-term $15.00 support in the near-term.
For while Ethereum Classic has been one of the best performing cryptocurrencies price price-wise. The uptrend has been mainly supported by the impending listing on Coinbase. However, the team has also been working on projects geared towards making Ethereum Classic as the go-to platform for the Internet of Things Solutions. Moreover, later in the year, the network will be working on the sharding technology to improve scalability.
In the meantime, Ethereum Classic has plunged from trading above $18.00 a little more than two weeks ago and broken the 61.8% taken between a high of $19.009 and a low of $12.017 support at $16.32. The coinciding trendline support at the same level did very little to stop the declines to the lows of $15.0732 on the day. Similarly, the chart and tables show a 3% drop today.
Ethereum Classic is testing the critical support at $15.00, while the path of least resistance according to the technical indicators applied on the chart is to the downside. On one hand, the RSI is reaching out into the oversold levels. On the other hand, the stochastic is above the 40 mark but also heading downwards.
On the upside, the 50% Fib level at $15.52 will offer resistance as the price recoils higher. Moreover, the 100 simple moving average on the same chart will stand in the way of recovery at $16.00. The key breakout point for ETC/USD is the broken support at the 61.8% Fib level. Trading above this level will allow the buyers to gather more strength to attack the now long-term and stubborn resistance at $18.00. On the flip side, in the event the support at $15.00 gives in to the bears, the 38.2% Fib level at $14.00 will work as a support to avoid a break down to the lower supply zone at $12.00.
ETC/USD 15′ chart
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