Ethereum Classic Price Technical Analysis – Can ETC/USD Break This?

Key Highlights

• Ethereum classic price declined sharply towards the $16.20 support against the US Dollar before finding support.
• There is a major bearish trend line forming with resistance at $18.80 on the hourly chart of ETC/USD (Data feed via Kraken).
• The pair needs to break the $18.80-19.00 resistance for further upsides in the near term.

Ethereum classic price is recovering after the recent slide against the US Dollar and Bitcoin. Let’s see if ETC/USD can break $19.00 or not in the near term.

Ethereum Classic Price Resistance

Similar to BCH, BTC and ETH, there was a sharp decline in ETC price towards $16.00 against the US Dollar. The price traded as low as $16.24 where it formed a decent support. After forming support, the price started recovering above $17.00. First, it broke the 23.6% Fib retracement level of the last decline from the $24.00 high to $16.24 low. It cleared the way for more gains above $17.00 in the near term.

Later, there was a break above a major bearish trend line with resistance at $17.50 on the hourly chart of ETC/USD. At the moment, the pair is approaching another bearish trend line with resistance at $18.80 on the same chart. The $18.80 resistance is very important since the 100 hourly simple moving average is near the stated level. Moreover, the 38.2% Fib retracement level of the last decline from the $24.00 high to $16.24 low is also near $19.20. Therefore, it won’t be easy for buyers to crack the $18.80-19.00 resistance in the short term.

Once there is a break, the price could test the 50% Fib retracement level of the last decline from the $24.00 high to $16.24 low at $20.10.

Hourly MACD – The MACD has moved back in the bullish zone.

Hourly RSI – The RSI is moving sharply higher towards the overbought levels.

Major Support Level – $17.50

Major Resistance Level – $18.80

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.

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