Key Highlights
- Ethereum classic price is consolidating above the .80 support level against the US dollar.
- There is a key bearish trend line formed with resistance at .35 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is likely to break the trend line to test the .80 and .00 resistances in the near term.
Ethereum classic price is holding the positive bias against the US Dollar and Bitcoin. ETC/USD could slowly move towards the all-important .00 resistance.
Ethereum Classic Price Analysis
After trading as low as .40, ETC price started an upward move against the US dollar. The ETC/USD pair settled above the .80 support area and formed an intermediate low at .78. Later, it traded above the .00 and .20 resistance levels. However, the price failed to clear the .55 resistance and declined towards the .00 level. Buyers appeared near .00 and pushed the price above the 50% Fib retracement level of the recent decline from the .57 high to .96 low.
However, it seems like the price is struggling to settle above the .40 level and the 100 hourly simple moving average. There is also a key bearish trend line formed with resistance at .35 on the hourly chart of the ETC/USD pair. Above the trend line, the 61.8% Fib retracement level of the recent decline from the .57 high to .96 low is at .34. Therefore, buyers need to clear the .35 resistance to gain momentum in the near term. Above this, the price is likely to break the .57 high. The next targets for buyers could be .80 and .00.
The chart suggests that ETC price is preparing for the next move above .35. On the flip side, if there is a downside break, the .00 and .80 supports are likely to prevent losses.
Hourly MACD – The MACD for ETC/USD is gaining in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently above the 55 level.
Major Support Level – .80
Major Resistance Level – .35
The post Ethereum Classic Price Analysis: ETC/USD Could Revisit appeared first on NewsBTC.