Key Highlights
- Ethereum classic price traded lower recently and tested the $20.00 support zone against the US dollar.
- There is a key bearish trend line forming with resistance at $22.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair has to move above the $21.88 and $22.00 resistance levels to gain upside momentum.
Ethereum classic price is recovering higher against the US Dollar and bitcoin. ETC/USD is likely to trade above the $22.00 hurdle to accelerate gains in the near term.
Ethereum Classic Price Resistance
Recently, there was a start of a in ETC price from the $24.00 swing high against the US dollar. The ETC/USD pair traded lower and broke the $24.00 and $22.00 support levels. It traded close to the $20.00 handle where buyers appeared and protected further losses. A low was formed at $20.13 from where the price started an upside move.
It climbed above the 23.6% Fib retracement level of the last drop from the $25.63 high to $20.13 low. However, the price is facing a major hurdle near the $21.85-90 zone, which was a support earlier. Moreover, there is a key bearish trend line forming with resistance at $22.00 on the hourly chart of the ETC/USD pair. A break above the trend line resistance at $22.00 could open the doors for more gains in the near term. The next stop could the 100 at $22.88. It is also the 50% Fib retracement level of the last drop from the $25.63 high to $20.13 low.
The suggests that the price formed a decent support base above $20.00. There are high chances of an upside break above $22.00 as long as the price stays above $21.00.
Hourly MACD – The MACD for ETC/USD is showing positive signs in the bullish zone.
Hourly RSI – The RSI for ETC/USD is moving higher above the 50 level.
Major Support Level – $21.00
Major Resistance Level – $22.00
Published at Thu, 10 May 2018 08:00:45 +0000
Analysis
