ETC/USD drops 3%, could break $20 support level

  • The $25.0 is a major hurdle, Ethereum classic must break past this level for more gains.
  • A major bearish trend is forming around $23.00, selling pressure increases.

Ethereum price is trading under a lot of pressure. It recently broke below the support level at $25.00. The currency did not have major upside gains above $30, but the price embarked on a downside roll where it even broke through the support level at $22.00. The intraday chart currently shows the price in a sharp drop.

During the downside trend, the price traded close to the major support level at $20.00. It, however, bounced back after hitting lows of $20.27 and an upside correction was initiated where it encountered and tested the 23.6% Fibonacci retracement level. Although the gains were substantial, they were stopped by the resistance level at $25.00 which acted as support during the decline. There is a bearish trend forming currently close to $23.00 level. On the upside, the resistance level at $25.00 is a key hurdle in the recovery. The level is also near the 50% Fibonacci retracement level. On the downside, if the price breaks the major support level at $20.00, more losses could occur.

ETC/USD price intraday chart

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