- Ethereum classic price after a solid decline towards the $14.80 level against the US Dollar found support.
- There is a major bearish trend line forming with resistance at $16.50 on the hourly chart of ETC/USD (Data feed via Kraken).
- The pair might correct higher, but it won’t be easy for buyers to break the $16.50 resistance.
Ethereum classic price is recovering a bit against the US Dollar and Bitcoin. ETC/USD needs to clear $16.50 to move back into the bullish zone.
Ethereum Classic Price Resistance
There was a major decline initiated in ETC price from the $19.50 high against the US Dollar. The price was under a lot of bearish pressure and broke the $18.00 and $17.00 support levels. A new weekly low was formed at $14.79 from where the price started a correction. It moved above the 23.6% Fib retracement level of the last decline from the $19.60 high to $14.79 low once. However, the upside move was protected by a horizontal resistance at $16.50.
The stated $16.50 resistance was a support earlier and now preventing gains. Moreover, there is a major bearish trend line forming with resistance at $16.50 on the hourly chart of ETC/USD. The 38.2% Fib retracement level of the last decline from the $19.60 high to $14.79 low is also near $16.65. Therefore, it seems like there is a crucial resistance forming near $16.50.
It won’t be easy for buyers to push the price above $16.50 and $17.00. The 100 hourly simple moving average is positioned at $17.00 to act as a hurdle. On the downside, the $15.00 level is a decent support, followed by $14.80. Selling rallies towards $16.50-17.00 can be considered in the short term.
Hourly MACD – The MACD is about to move back in the bearish zone.
Hourly RSI – The RSI just moved above the 50 level.
Major Support Level – $14.80
Major Resistance Level – $16.50
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.