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Key points
- The classic price of Ethereum is consolidating above the support level of $ 10.80 compared to the US dollar.
- C & # 39; is a key bearish trend line formed with resistance at $ 11.35 on the hourly chart of the ETC / USD pair (data feed via Kraken).
- It is likely that the pair will break the trend line to test the resistance of $ 11.80 and $ 12.00 in the short run.
The classic price of Ethereum is holding positive bias against the US dollar and Bitcoin. ETC / USD could move slowly towards the very important resistance of $ 12.00.
Analysis of the classic prices of Ethereum
After trading starting at $ 10.40, the price of the ETC started an upward move against the US dollar. The ETC / USD pair positioned above the $ 10.80 support area and formed an intermediate low of $ 10.78. Subsequently, he exceeded the resistance levels of $ 11.00 and $ 11.20. However, the price failed to cancel the resistance of $ 11.55 and lowered to the $ 11.00 level. The buyers appeared around $ 11.00 and pushed the price above the 50% Fibra retracement level of the recent fall from $ 11.57 up to $ 10.96 down.
However, it seems that the price is struggling to exceed the $ 10.40 level and the simple 100-hour moving average. There is also a key bearish trend line formed with resistance at $ 11.35 on the hourly chart of the ETC / USD pair. Above the trendline, Fibra's 61.8% retracement level of the recent decline from the low of $ 11.57 to $ 10.96 is $ 11.34. Therefore, buyers must cancel the resistance of $ 11.35 to gain momentum in the short term. Above this, the price is likely to break the record by $ 11.57. The next targets for buyers could be $ 11.80 and $ 12.00.
The chart suggests that the price of ETC is preparing for the next move above $ 11.35. The downside, if there is a bearish breakdown, the $ 11.00 and $ 10.80 supports are likely to prevent losses.
MACD schedule – The MACD for ETC / USD is gaining in the bullish zone.
RSI schedule – The RSI for ETC / USD is currently above level 55.
Main support level: $ 10.80
Main resistance level: $ 11.35
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