Key Highlights
- Ethereum classic price started a downside move and traded below the $28.00 support against the US Dollar.
- There is a major bearish trend line forming with resistance at $27.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might struggle to move above $27.00 and $28.00 since these are important resistances.
Ethereum classic price declined recently against the US Dollar and Bitcoin. ETC/USD now faces many hurdles on the upside near $27.00-28.00 in the near term.
Ethereum Classic Price Resistance
There was a decent rise in ETC price above the $30.00 level against the US Dollar. The price traded as high as $32.05 before starting a downside move. There was a sharp increase in selling pressure and the price moved below the $30.00 and $28.00 support levels. It even traded below the $25.00 support and formed a low near $22.12. It later started an upside correction and moved above the 38.2% Fib retracement level of the last decline from the $32.05 high to $22.12 low.
However, the broken support near $27.00 is now acting as a resistance. The 50% Fib retracement level of the last decline from the $32.05 high to $22.12 low is also near $27.00. Moreover, there is a major bearish trend line forming with resistance at $27.00 on the hourly chart of the ETC/USD pair. Therefore, the $27.00-28.00 levels are very important for more gains in ETC.
A break above $28.00 is needed for ETC to retest the $30.00 level. On the downside, the $24.00 level is a decent support. However, the most important support is at $22.00, which is a pivot area. The price must stay above $22.00 to remain in the bullish zone.
Hourly MACD – The MACD for ETC/USD is slight in the bullish zone.
Hourly RSI – The RSI for ETC/USD is moving lower towards the 40 level.
Major Support Level – $22.00
Major Resistance Level – $28.00
Charts courtesy – Trading View, Kraken