Ethereum Classic Price Technical Analysis – ETC/USD Struggle Continues

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.

Ethereum Classic Price Technical Analysis ETC USD

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

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.

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