Ethereum Classic Price Technical Analysis – ETC/USD Nearing Key Level

Key Highlights

• Ethereum classic price after a downside move towards $14.80 against the US Dollar found support.
• There was a break above a bearish trend line formed at $17.25 on the hourly chart (data feed via Kraken) of ETC/USD.
• The price is currently hovering near key resistance level of $17.60, which holds a lot of importance.

Ethereum classic price gained traction recently against the US Dollar and Bitcoin, and ETC/USD is now looking to settle above a key resistance.

Ethereum Classic Price Pivot Area

Yesterday, there was a failed attempt to move above $18 in ETC price against the US Dollar. As a result, the price moved down and traded below the $16 level. However, the last swing low of $14.80 was not tested, and a low was formed at $15. The price bounced sharply and remained shy of forming a double bottom near $15. However, the pattern is still bullish as the price had moved above the 23.6% Fib retracement level of the decline from the $21.10 high to $15.02 low.

During the upside move, the price broke the $17.60 resistance, but there is no proper close above $18. The momentum was such that the price broke a bearish trend line formed with resistance at $17.35 on the hourly chart. However, the upside move was prevented by the 100 hourly simple moving average near $18. Moreover, the 50% Fib retracement level of the decline from the $21.10 high to $15.02 low also prevented upsides.

The price retreated from the 100 hourly SMA at $18 and now moving back towards the broken trend line. ETC needs to settle above the $17.60-18.00 pivot if it has to overcome all selling odds and move towards $22 in the near term.

Hourly MACD – The MACD may move back in the bearish zone.

Hourly RSI – The RSI is heading lower towards the 50 level.

Major Support Level – $16.20

Major Resistance Level – $18.00

 

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.

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