Key Highlights
- Ethereum classic price started a downside move and traded below the $28.00 support against the US Dollar.
- There is a major bearish trend line forming with resistance at $27.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might struggle to move above $27.00 and $28.00 since these are important resistances.
Ethereum classic price declined recently against the US Dollar and Bitcoin. ETC/USD now faces many hurdles on the upside near $27.00-28.00 in the near term.
Ethereum Classic Price Resistance
There was a decent rise in ETC price above the $30.00 level against the US Dollar. The price traded as high as $32.05 before starting a downside move. There was a sharp increase in selling pressure and the price moved below the $30.00 and $28.00 support levels. It even traded below the $25.00 support and formed a low near $22.12. It later started an upside correction and moved above the 38.2% Fib retracement level of the last decline from the $32.05 high to $22.12 low.
However, the broken support near $27.00 is now acting as a resistance. The 50% Fib retracement level of the last decline from the $32.05 high to $22.12 low is also near $27.00. Moreover, there is a major bearish trend line forming with resistance at $27.00 on the hourly chart of the ETC/USD pair. Therefore, the $27.00-28.00 levels are very important for more gains in ETC.
A break above $28.00 is needed for ETC to retest the $30.00 level. On the downside, the $24.00 level is a decent support. However, the most important support is at $22.00, which is a pivot area. The price must stay above $22.00 to remain in the bullish zone.
Hourly MACD – The MACD for ETC/USD is slight in the bullish zone.
Hourly RSI – The RSI for ETC/USD is moving lower towards the 40 level.
Major Support Level – $22.00
Major Resistance Level – $28.00
Charts courtesy – Trading View, Kraken
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.