Key Highlights
- Ethereum classic price is struggling to gain upside momentum above the $10.80-11.00 levels against the US Dollar.
- This week’s highlighted major bearish trend line with current resistance at $10.65 is in place on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might dip a few points, but likely to find buyers on the downside near $10.00.
Ethereum classic price is consolidating against the US Dollar and Bitcoin. ETC/USD has to stay above the $10.00 support for an upside move in the near term.
Ethereum Classic Price Upside Hurdle
There was a slight upside move in ETC price towards $10.80-11.00 against the US Dollar. However, the upside move was protected by sellers near $10.80. It seems like buyers are struggling to gain traction above the $11.00 handle. Recently, a high was formed at $10.73 from where the price started a correction. It moved down and traded below the 23.6% Fib retracement level of the last wave from the $9.54 low to $10.73 high.
There was even a close below the 100 hourly simple moving average at $10.50. On the upside, this week’s highlighted major bearish trend line with current resistance at $10.65 is active on the hourly chart of the ETC/USD pair. The pair needs to break the trend line resistance and gather pace above $11.00 to move back in the bullish zone. Above $11.00, the price could head towards the next resistance near $12.00.
On the downside, an immediate support is around the 50% Fib retracement level of the last wave from the $9.54 low to $10.73 high at $10.15. Below $10.15, the $10.00 handle would act as a strong support and buy zone in the near term.
Hourly MACD – The MACD is currently moving in the bearish zone.
Hourly RSI – The RSI is below the 50 level and showing heading south.
Major Support Level – $10.00
Major Resistance Level – $10.65
Charts courtesy – Trading View, Kraken
