Key Highlights
- Ethereum classic price after a solid decline towards the $14.80 level against the US Dollar found support.
- There is a major bearish trend line forming with resistance at $16.50 on the hourly chart of ETC/USD (Data feed via Kraken).
- The pair might correct higher, but it won’t be easy for buyers to break the $16.50 resistance.
Ethereum classic price is recovering a bit against the US Dollar and Bitcoin. ETC/USD needs to clear $16.50 to move back into the bullish zone.
Ethereum Classic Price Resistance
There was a major decline initiated in ETC price from the $19.50 high against the US Dollar. The price was under a lot of bearish pressure and broke the $18.00 and $17.00 support levels. A new weekly low was formed at $14.79 from where the price started a correction. It moved above the 23.6% Fib retracement level of the last decline from the $19.60 high to $14.79 low once. However, the upside move was protected by a horizontal resistance at $16.50.
The stated $16.50 resistance was a support earlier and now preventing gains. Moreover, there is a major bearish trend line forming with resistance at $16.50 on the hourly chart of ETC/USD. The 38.2% Fib retracement level of the last decline from the $19.60 high to $14.79 low is also near $16.65. Therefore, it seems like there is a crucial resistance forming near $16.50.
It won’t be easy for buyers to push the price above $16.50 and $17.00. The 100 hourly simple moving average is positioned at $17.00 to act as a hurdle. On the downside, the $15.00 level is a decent support, followed by $14.80. Selling rallies towards $16.50-17.00 can be considered in the short term.
Hourly MACD – The MACD is about to move back in the bearish zone.
Hourly RSI – The RSI just moved above the 50 level.
Major Support Level – $14.80
Major Resistance Level – $16.50
Charts courtesy – Trading View, Kraken