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Key Highlights
- Ethereum classic price declined sharply after trading above the $42.00 level against the US dollar.
- There is a major bearish trend line forming with resistance at $35.20 on the hourly chart of the ETC/USD pair (Data feed via SimpleFX).
- The pair is currently correcting higher, but it has to move above $36.00 to gain upside momentum.
Ethereum classic price declined this week from highs against the US Dollar and Bitcoin. ETC/USD could correct higher, but it must break the $36.00 resistance.
Ethereum Classic Price Resistance
In the last analysis, we saw a nice upside move in ETC price above the $40.00 level against the US dollar. The price even traded above the $42.00 level before it faced sellers. A high was formed near $42.36 before the price started a downside correction. It declined sharply and moved below the $38.00 and $35.00 support levels. A low was formed at $32.40 from where the price started an upside correction.
At the moment, the price is trading near the 23.6% Fib retracement level of the last decline from the $52.36 high to $32.40 low. There is also a major bearish trend line forming with resistance at $35.20 on the hourly chart of the ETC/USD pair. Above the trend line resistance, the 100 hourly simple moving average is positioned at $36.00. Moreover, the 38.2% Fib retracement level of the last decline from the $52.36 high to $32.40 low is near $36.00. Therefore, it seems like the $36.00 level and the 100 hourly SMA are important barriers for more recoveries in ETC.
Buyers must push the price above the $36.00 level. If they fail, there are chances that the pair may decline once again back towards the $32.00 level in the near term.
Hourly MACD – The MACD for ETC/USD is currently reducing its bearish slope.
Hourly RSI – The RSI for ETC/USD is currently moving higher towards the 50 level.
Major Support Level – $32.00
Major Resistance Level – $36.00
Charts courtesy – SimpleFX
