Ethereum Classic Under $18 with Bearish Trends
Following a recent bounce in price, Ethereum tokens were unable to break through the $18 and $19 resistances in place. ETC to US dollar trade paired at $19 before initiating a duty refund, also known as a drawback.
As ETC continues to trade lower against the USD and rival currency Bitcoin, an even bigger drop is predicted if the ETC fails to break through its current resistance. After the drawback, another try was given to handle a related issue, although price value diminished quickly and held itself at $18.81, closing at the price.
Eventually, the currency’s support level was breached at $18.50 and the $18.00 turn level saw a close underneath. The bullish trend below $18.20 saw a break blow it on the ETC and USD hourly exchange rate. The pair is currently exchanging at $17.60 with a direct assistance placed at $17.40.
A few important notes:
1. As the coin holds its current price, should it fail to break through its resistance level at $18.20, heavier losses at its support level low will take place after.
2. At its highest resistance level, BTC is set at $18.20 and at its lower support level, $17.60 is set for the coin.
3. The hourly exchange rate of $18.20 was set by a bullish trend-breach which placed the support level and ETC/USD is trading below the $18 turn level.
4. The token high was reached at $19 before a steady drop followed, essentially initiating a bearish trend and dragging its price down.