- Ethereum classic price continued to move lower and traded below $14.80 against the US Dollar.
- There is a crucial connecting bearish trend line with resistance at $14.80 forming on the hourly chart of ETC/USD (Data feed via Kraken).
- The price might correct higher towards $14.80-15.00, but upsides are likely to face hurdles.
Ethereum classic price declined sharply versus the US Dollar and Bitcoin. ETC/USD is now below $15.00 and remains sell on rallies.
Ethereum Classic Price Resistance
This past week, we saw a decent upside move in ETC price above $16.00 against the US Dollar. However, the price failed to hold gains and started trading below $16.00. The downside move extended on a close below $15.40 and the 100 hourly simple moving average. The decline was such that the price broke a major support area at $14.80, which ignited further losses. The price traded as low as $13.58 where it found support and later started a correction.
At the moment, it is trading near the 23.6% Fib retracement level of the last decline from the $16.42 high to $13.58 low. There is a crucial connecting bearish trend line with resistance at $14.80 forming on the hourly chart of ETC/USD. The trend line resistance is also around the 100 hourly simple moving average and $15.00. Moreover, the 38.2% Fib retracement level of the last decline from the $16.42 high to $13.58 low is at $14.69.
Overall, ETC price is facing a major hurdle on the upside near $14.80-15.00. If it corrects higher, it is likely to face sellers near $14.80. Selling rallies in the near term close to $15.00 can be considered in the short term.
Hourly MACD – The MACD is struggling to remains in the bullish zone.
Hourly RSI – The RSI is moving higher towards the 50 level, which means the price is approaching resistance.
Major Support Level – $13.60
Major Resistance Level – $14.80
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.