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Key Highlights
- Ethereum classic price started a fresh decline from the $23.00 swing high against the US dollar.
- There was a break below a key bullish trend line with support at $20.40 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is currently trading below $20.00 and it is at risk of more declines in the near term.
Ethereum classic price is under pressure against the US Dollar and Bitcoin. ETC/USD may consolidate in the short term before surpassing $20.00.
Ethereum Classic Price Resistance
After a nice upside move, ETC price failed to test and break the $23.00 resistance against the US dollar. The ETC/USD pair formed a top at $22.90 and started a downside move. It declined and surpassed a few important supports such as $21.00 and $20.50. More importantly, there was a break and close below the $20.00 support and the 100 hourly simple moving average.
During the drop, there was a break below a key bullish trend line with support at $20.40 on the hourly chart of the ETC/USD pair. The pair traded as low as $18.13 before buyers appeared. It started an upside recovery and tested the 23.6% Fib retracement level of the last decline from the $22.90 high to $18.13 low. However, there is a bearish trend line with current resistance at $19.15, which is acting as a hurdle. Above $19.15, the $20.00 level is a crucial hurdle along with the 100 hourly SMA. Above $20.00, the price may test the 50% Fib retracement level of the last decline from the $22.90 high to $18.13 low.
The chart indicates that the pair may consolidate above $18.00 for some before moving higher. Having said that, a break above the $20.00 and $20.50 resistance levels won’t be easy.
Hourly MACD – The MACD for ETC/USD is slightly in the bullish zone.
Hourly RSI – The RSI for ETC/USD is moving higher towards the 50 level.
Major Support Level – $18.20
Major Resistance Level – $20.00
