Key Highlights
- Ethereum classic price declined and traded close to the $14.20 support level against the US dollar.
- There is a major bearish trend line forming with resistance at $15.80 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is currently correcting higher towards the $15.50 and $15.80 resistance levels.
Ethereum classic price moved into a negative zone against the US Dollar and Bitcoin. ETC/USD is correcting higher, but upsides are likely to be capped by $15.80-16.00.
Ethereum Classic Price Resistance
This week, there were mostly bearish moves in ETC price from the $18.00 level against the US dollar. The ETC/USD pair declined sharply and moved below the $17.00 and $16.00 support levels. The decline was such that the price even broke the $15.00 support zone. It traded close to the $14.20 support level before buyers appeared. A low was formed near $14.40 before it started an upside correction.
ETC price climbed above the $15.00 level and also moved above the 38.2% Fib retracement level of the last drop from the $16.18 high to $14.44 low. However, the current correction wave is facing a lot of hurdles near the $15.50 level. There is also a major bearish trend line forming with resistance at $15.80 on the hourly chart of the ETC/USD pair. Moreover, the 61.8% Fib retracement level of the last drop from the $16.18 high to $14.44 low is acting as a resistance near $15.50. Therefore, it seems like the current correction wave is likely to face hurdles near the $15.60-15.80 zone.
The chart suggests that the price is showing signs of a recovery. However, a proper close above $16.00 is needed for buyers to take control. On the downside, the $15.00 and $14.50 levels are important supports.
Hourly MACD – The MACD for ETC/USD has moved back in the bullish zone.
Hourly RSI – The RSI for ETC/USD is moving higher and is approaching the 50 level.
Major Support Level – $15.00
Major Resistance Level – $15.80