Analysis Technical

Ethereum Classic Price Analysis: ETC/USD Facing Tough Resistance

Aayush Jindal | June 7, 2018 | 8:00 am
technical analysis ethereum classic
Analysis

Ethereum Classic Price Analysis: ETC/USD Facing Tough Resistance

Aayush Jindal | June 7, 2018 | 8:00 am

Key Highlights

  • Ethereum classic price is facing a major resistance near the $15.50 level against the US dollar.
  • There is also a key bearish trend line in place with resistance near $15.40 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair may decline once again as long as it is below the $15.50 resistance level.

Ethereum classic price is struggling to gain upside momentum against the US Dollar and Bitcoin. ETC/USD must break the $15.50 hurdle for more gains in the near term.

Ethereum Classic Price Upside Hurdle

After forming a low near the $14.75 level, ETC price recovered and moved above the $15.00 resistance against the US dollar. The ETC/USD pair recovered above the $15.20 resistance and even broke the 23.6% Fib retracement level of the last decline from the $16.45 high to $14.75 low. However, the price faced a lot of barriers near the $15.50 and $15.60 levels.

More importantly, the 100 hourly simple moving average around $15.60 prevented gains. Additionally, the 50% Fib retracement level of the last decline from the $16.45 high to $14.75 low also acted as a hurdle. It seems like the price is facing a tough challenge near $15.50 and it could decline once again. There is also a key bearish trend line in place with resistance near $15.40 on the hourly chart of the ETC/USD pair. As long as the pair is following the trend line, it remains at a risk of more losses back towards $15.00.

Ethereum Classic Price Analysis ETC USD

The chart suggests if the price succeeds in clearing the $15.50 and $15.60 resistance levels, there may perhaps be an upside ride towards $16.20. Further above $16.20, the price may well retest the $16.40 level (the next major barrier).

Hourly MACD – The MACD for ETC/USD is slowly gaining pace in the bearish zone.

Hourly RSI – The RSI for ETC/USD is moving lower and it is about to settle below the 50 level.

Major Support Level – $15.00

Major Resistance Level – $15.50

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