Key Highlights
- Ethereum classic price fell below the $10.00 handle recently against the US Dollar.
- There is a major bearish trend line forming with resistance at $10.40 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is struggling to break the $10.40-10.50 resistance and remains at risk of more declines.
Ethereum classic price struggle to move higher continues against the US Dollar and Bitcoin. ETC/USD is facing a major resistance near $10.40-10.50.
Ethereum Classic Price Resistance
There was a downside reaction towards $10.00 in ETC price against the US Dollar. The price even broke the $10.00 handle and traded as low as $9.70. Later, the price started an upside correction and traded above the 23.6% Fib retracement level of the last drop from the $11.00 high to $9.70 low. However, buyers were seen struggling near the $10.40 resistance, which was a support earlier.
There was a rejection near the 50% Fib retracement level of the last drop from the $11.00 high to $9.70 low at $10.35. Above $10.35, there is a major bearish trend line forming with resistance at $10.40 on the hourly chart of the ETC/USD. More importantly, the 100 hourly simple moving average is also near the $10.45 to prevent upsides in the near term. A close above the 100 hourly SMA and the $10.40 level is required for buyers to gain control in the near term.
The most important resistance on the upside is at $11.00, which a crucial pivot region. On the downside, the $10.00 level is a good support followed by the recent low of $9.70. Below the mentioned $9.70, the pair might head towards the next major support at $9.20. Overall, ETC remains a short-term sell near $10.40 and $11.00.
Hourly MACD – The MACD is slightly in the bullish zone.
Hourly RSI – The RSI is moving north and is above the 50 level.
Major Support Level – $10.00
Major Resistance Level – $10.40
Charts courtesy – Trading View, Kraken
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