Key Highlights
- Ethereum classic price declined further and tested the $11.80 support against the US Dollar.
- There is a major bearish trend line forming with resistance at $12.40 on the hourly chart of ETC/USD (Data feed via Kraken).
- The pair needs to break the $12.40-12.50 resistance to overcome the current bearish pressure.
Ethereum classic price is moving in a declining pattern against the US Dollar and Bitcoin. ETC/USD has to gain pace above $12.50 to move back in the bullish zone.
Ethereum Classic Price Upside Hurdle
There was no respite for ETC price as it declined further towards $12.00 against the US Dollar. The price even broke the $12.00 handle and traded as low as $11.77. Later, a correction wave was initiated and the price moved above the 23.6% Fib retracement level of the last decline from the $13.50 high to $11.77 low. However, there are many hurdles on the upside such as $12.40 and $12.50 waiting to act as a resistance.
Moreover, there is a major bearish trend line forming with resistance at $12.40 on the hourly chart of ETC/USD. Additionally, the pair is facing the 38.2% Fib retracement level of the last decline from the $13.50 high to $11.77 low near $12.42. Therefore, clearly there is a major resistance zone forming near $12.40-12.50. A break and close above the $12.50 is required for ETC to move back in the bullish zone. Above the trend line, the $12.60 level and the 100 hourly simple moving average are next resistances.
On the downside, the $12.00 handle is a decent support. A break below $12.00 exposes a decline towards $11.80. Should there be a break below $11.80, the price could test the $11.00 level.
Hourly MACD – The MACD is currently in the bullish zone.
Hourly RSI – The RSI is well above the 50 level, which is a positive sign.
Major Support Level – $11.80
Major Resistance Level – $12.50
Charts courtesy – Trading View, Kraken
