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Key Highlights
- Ethereum classic price after finding support below $13.50 against the US Dollar started a recovery.
- There was a break above a crucial bearish trend line with resistance near $14.00 on the hourly chart of ETC/USD (Data feed via Kraken).
- The price is still below the $14.50 resistance and the 100 hourly simple moving average.
Ethereum classic price is attempting an upside break versus the US Dollar and Bitcoin. ETC/USD has to gain momentum above $14.50 for further gains.
Ethereum Classic Price Resistance
During the past week, ETC price mostly struggled and traded below the $15.00 and $14.00 supports against the US Dollar. The price traded as low as $13.23 where it found support and later started recovering. It managed to move above the 23.6% Fib retracement level of the last decline from the $16.40 high to $13.23 low. There was even a break above a crucial bearish trend line with resistance near $14.00 on the hourly chart of ETC/USD.
However, the upside move was capped by the $14.50 resistance and the 100 hourly simple moving average. Moreover, the 38.2% Fib retracement level of the last decline from the $16.40 high to $13.23 low prevented further gains. Currently, the price is forming a short-term descending channel with resistance at $14.00 on the same chart. Once there is a close above the $14.50 resistance and the 100 hourly simple moving average, there can be more gains.
On the downside, the $13.50 support and the last swing low near $13.23 might continue to hold declines. No doubt, buyers lacking momentum, and it won’t be easy to break the $14.50 resistance. The next major resistance is around the 50% Fib retracement level of the last decline from the $16.40 high to $13.23 low at $14.78.
Hourly MACD – The MACD is currently flat and suggesting consolidation.
Hourly RSI – The RSI is currently moving lower towards the 40 level.
Major Support Level – $13.20
Major Resistance Level – $14.50
Charts courtesy – Trading View, Kraken
