- Ethereum classic price failed to move above the $16.50-17.00 resistance against the US Dollar and declined.
- The last analysis highlighted ascending channel pattern with support at $16.00 on the hourly chart of ETC/USD (Data feed via Kraken) was broken.
- The price traded as low as $13.44 before starting a short-term correction.
Ethereum classic price failed to gain momentum versus the US Dollar and Bitcoin, and ETC/USD declined below a key support area at $16.00-15.50.
Ethereum Classic Price Resistance
In the past few analysis, I highlighted an important resistance area near $16.50-17.00 in ETC price against the US Dollar. The price struggled to settle above $17.00 and failed to gain momentum. As a result, there was a downside move. The downside move was such that there was a break below a crucial support area near $16.00. Moreover, the last analysis highlighted ascending channel pattern with support at $16.00 on the hourly chart of ETC/USD was also cleared.
The price even traded below the $15.50 support and the 100 hourly simple moving average. It ignited sharp declines and the price traded below $14.00. A new weekly low was formed near $13.44 and later the price started recovering. It is currently above the 23.6% Fib retracement level of the last decline from the $17.55 high to $13.44 low.
However, there are many hurdles near $15.00-15.50 on the upside. There is a bearish trend line on the same chart at $15.50. The same trend line also coincides with the 50% Fib retracement level of the last decline from the $17.55 high to $13.44 low. So, if the price continues to move higher, it could face sellers near $15.50. Selling rallies near $15.50 can be considered in the short term.
Hourly MACD – The MACD is recovering in the bullish zone.
Hourly RSI – The RSI is currently below the 50 level.
Major Support Level – $14.00
Major Resistance Level – $15.50
Charts courtesy – Trading View, Kraken