- Ethereum classic price failed near the $16.20 resistance area against the US Dollar and declined.
- The last analysis highlighted bearish trend line with current resistance at $15.80 on the hourly chart of ETC/USD (Data feed via Kraken) is intact.
- The pair might move a few points higher, but it is likely to face sellers near $15.80-16.00.
Ethereum classic price is back in the bearish zone against the US Dollar and Bitcoin. ETC/USD now faces resistances near $15.80 and $16.00 on the upside.
Ethereum Classic Price Upside Hurdles
In the last analysis, I pointed out a major hurdle for ETC price near $16.50 against the US Dollar. The price attempted a minor correction towards $16.50, but failed to gain momentum. It traded close to the $16.50 level, faced heavy offers and started a downside move. The upside move was also protected by $16.40 and the 100 hourly simple moving average.
It seems like the price is back in the bearish zone since it broke the $15.00 support area. The downside move was such that the price even cleared the last swing low of $14.75. It has opened the doors for more losses with a new low as $14.24. If there is a correction from the current levels, an initial resistance is around the 23.6% Fib retracement level of the last drop from the $16.50 high to $14.24 low.
Moreover, the last analysis highlighted bearish trend line with current resistance at $15.80 on the hourly chart of ETC/USD is also active. The trend line at $15.80 and the 100 hourly simple moving average are major upside barriers for buyers. Selling rallies in the short term towards $15.50 or $15.80 can be considered with a stop above $16.00.
Hourly MACD – The MACD is placed well in the bearish zone.
Hourly RSI – The RSI has reached the oversold levels.
Major Support Level – $14.00
Major Resistance Level – $15.80
Charts courtesy – Trading View, Kraken