Key Highlights
- Ethereum classic price continued to move lower and traded below $14.80 against the US Dollar.
- There is a crucial connecting bearish trend line with resistance at $14.80 forming on the hourly chart of ETC/USD (Data feed via Kraken).
- The price might correct higher towards $14.80-15.00, but upsides are likely to face hurdles.
Ethereum classic price declined sharply versus the US Dollar and Bitcoin. ETC/USD is now below $15.00 and remains sell on rallies.
Ethereum Classic Price Resistance
This past week, we saw a decent upside move in ETC price above $16.00 against the US Dollar. However, the price failed to hold gains and started trading below $16.00. The downside move extended on a close below $15.40 and the 100 hourly simple moving average. The decline was such that the price broke a major support area at $14.80, which ignited further losses. The price traded as low as $13.58 where it found support and later started a correction.
At the moment, it is trading near the 23.6% Fib retracement level of the last decline from the $16.42 high to $13.58 low. There is a crucial connecting bearish trend line with resistance at $14.80 forming on the hourly chart of ETC/USD. The trend line resistance is also around the 100 hourly simple moving average and $15.00. Moreover, the 38.2% Fib retracement level of the last decline from the $16.42 high to $13.58 low is at $14.69.
Overall, ETC price is facing a major hurdle on the upside near $14.80-15.00. If it corrects higher, it is likely to face sellers near $14.80. Selling rallies in the near term close to $15.00 can be considered in the short term.
Hourly MACD – The MACD is struggling to remains in the bullish zone.
Hourly RSI – The RSI is moving higher towards the 50 level, which means the price is approaching resistance.
Major Support Level – $13.60
Major Resistance Level – $14.80
Charts courtesy – Trading View, Kraken