Key Highlights
- Ethereum classic price has recovered a few points from the $9.85 swing low against the US Dollar.
- There is a short-term contracting triangle pattern forming with resistance at $10.80 on the hourly chart of ETC/USD (Data feed via Kraken).
- The pair is now above $10.00 and the 100 hourly simple moving average, which is a positive sign.
Ethereum classic price is recovering slowly against the US Dollar and Bitcoin. ETC/USD needs a break above $11.00 to gain further momentum.
Ethereum Classic Price Resistance
There was an increase in bearish pressure on ETC price below $11.00 against the US Dollar. The price declined and traded as low as $9.85 where it found support and later started a recovery. It moved above the 23.6% Fib retracement level of the last decline from the $13.20 high to $9.85 low. There was even a move above the $10.50 level and the 100 hourly simple moving average, which is a positive sign.
However, buyers are struggling to take the price above the $11.00 level. There is a short-term contracting triangle pattern forming with resistance at $10.80 on the hourly chart of ETC/USD. Moreover, the 38.2% Fib retracement level of the last decline from the $13.20 high to $9.85 low is near $11.10. The pair has to break the $10.80 and $11.00 resistance to gain momentum. The next stop could be the 50% Fib retracement level of the last decline from the $13.20 high to $9.85 low at $11.50.
On the downside, an initial support is at $10.50 and the 100 hourly simple moving average. If the pair fails to hold the $10.50 support, there is a risk of a downside break towards $10.00 in the near term.
Hourly MACD – The MACD is now showing any major signs of an upside break.
Hourly RSI – The RSI is just around the 50 level.
Major Support Level – $10.50
Major Resistance Level – $11.00
Charts courtesy – Trading View, Kraken
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