Ethereum Classic Price Technical Analysis – Can ETC/USD Recover?

Key Highlights

• Ethereum classic price declined below $15.00 recently and failed to gain momentum against the US Dollar.
• There is a major bearish trend line with resistance near $14.80-15.00 forming on the hourly chart of ETC/USD (Data feed via Kraken).
• The $15.00 resistance is also near the 100 hourly simple moving average, which is a crucial hurdle for buyers.

Ethereum classic price is struggling and range trading versus the US Dollar and Bitcoin. ETC/USD has to clear $15.00 for an upside move.

Ethereum Classic Price Upside Hurdle

Recently, we saw a major downside break below $16.00 in ETC price against the US Dollar. The price traded towards the $13.50 level where it found support and later started a recovery. It someone managed to move above the 23.6% Fib retracement level of the last decline from the $17.60 high to $13.41 low. However, there was no convincing break above $14.50, which is not a good sign. It seems like the price is consolidating below the $15.00 resistance and preparing for the next move.

On the upside, there is a major bearish trend line with resistance near $14.80-15.00 forming on the hourly chart of ETC/USD. The trend line resistance coincides with the 38.2% Fib retracement level of the last decline from the $17.60 high to $13.41 low. Furthermore, the 100 hourly simple moving average is also near $15.00. Overall, it seems like the $15.00 level is a major resistance for an upside break for ETC. A close above the 100 hourly simple moving average could open the doors for a test of the $16.50 hurdle.

On the downside, the $14.00 level is a decent support. In short, we can see ranging moves before the price attempts an upside break.

Hourly MACD – The MACD is almost flat in the bearish zone.

Hourly RSI – The RSI is currently just around the 50 level.

Major Support Level – $14.00

Major Resistance Level – $15.50

 

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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