- Ethereum classic price failed to hold the $10.00 support against the US Dollar and declined towards $9.50.
- This week’s highlighted crucial bearish trend line with current resistance at $10.60 is intact on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might correct higher, but upsides are likely to be capped by $10.60.
Ethereum classic price fell sharply against the US Dollar and Bitcoin. ETC/USD is recovering, but it is facing a major resistance near $10.60-80.
Ethereum Classic Price Resistance
There was no stopping sellers as ETC price declined further and failed to hold the $10.00 handle against the US Dollar. The price traded towards the $9.50 support and formed a low at $9.52. Later, a recovery was initiated from the $9.52 low and the price was able to move above the $10.00 handle. It traded as high as $10.98 where it faced strong selling interest. Moreover, this week’s highlighted crucial bearish trend line with current resistance at $10.60 also prevented gains on the hourly chart of the ETC/USD pair.
The pair is once again under pressure and recently moved below the 38.2% Fib retracement level of the last wave from the $9.52 low to $10.98 high. However, the downside move is currently protected by the $10.20 support. The 50% Fib retracement level of the last wave from the $9.52 low to $10.98 high is also preventing declines. There is a chance that the price might recover, but it will most likely face sellers near $10.60-80. Moreover, the trend line resistance at $10.60 is also close to the 100 hourly simple moving average.
Therefore, a break above the $10.60-80 resistance area won’t be easy. On the downside, the $10.20-10.00 support might continue to stop declines in the short term.
Hourly MACD – The MACD is currently in the bearish zone.
Hourly RSI – The RSI is currently well below the 50 level and showing negative signs.
Major Support Level – $10.00
Major Resistance Level – $10.60
Charts courtesy – Trading View, Kraken
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
Let’s block ads! (Why?)