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Key Highlights
- Ethereum classic price failed to move above the $18.80 resistance and declined against the US dollar.
- There was a break below a key bullish trend line formed with support at $18.20 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is now trading below the $18.00 pivot level and the 100 hourly simple moving average.
Ethereum classic price is slowly moving lower against the US Dollar and Bitcoin. ETC/USD could decline further as long as it is below the $18.00-18.20 resistance.
Ethereum Classic Price Resistance
After a decent upside move, ETC price failed to break the $18.80 and $19.00 resistance levels against the US dollar. The ETC/USD pair formed a high near $19.00 and started a downside move. There was another attempt to clear the same hurdle, but the price failed and topped near $18.81. ETC price moved down and broke the $18.50 support area. Moreover, there was a close below the $18.00 pivot level and the 100 hourly simple moving average.
Additionally, there was a break below a key bullish trend line formed with support at $18.20 on the hourly chart of the ETC/USD pair. The pair is currently trading near the $17.60 level with an immediate support at $17.40. Below the mentioned support, the price could accelerate declines towards the $16.60 support area. On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $18.81 high to $17.61 low. However, the most important hurdle is near $18.20 and the 100 hourly SMA.
The chart suggests that the price may perhaps face a strong resistance at $18.20. If it fails to recover above $18.00 and $18.20, there is a risk of more losses below the $17.60 level in the near term.
Hourly MACD – The MACD for ETC/USD is gaining pace in the bearish zone.
Hourly RSI – The RSI for ETC/USD is currently near the oversold levels.
Major Support Level – $17.60
Major Resistance Level – $18.20
