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Key points
- The classic price of Ethereum is struggling to break the resistance area of $ 11.15-20 against the US dollar.
- C & # 39; is a bearish trend line in place with resistance to $ 11.20 on the hourly chart of the ETC / USD pair (data feed via Kraken).
- The pair must cancel the trend line and the $ 11.25 rotation level to gain upward momentum.
The classic price of Ethereum remained above the key supports against the US dollar and Bitcoin. ETC / USD must break resistance $ 11.20-25 to test $ 12.00.
Analysis of the classic prices of Ethereum
Recently, the ETC price dropped below the $ 11.00 support against the US dollar. However, the ETC / USD pair found support close to the $ 10.80 level and began to consolidate in a range. Subsequently, the price was corrected and moved above the resistance of $ 11.00. There was also a break above the 50% retracement level of Fibon's last decline, from $ 11.33 upwards to $ 10.81 below.
The upward move was positive above the $ 11.00 level, but buyers are currently facing strong resistance close to $ 11.15. It seems that the 100-hour moving average is a barrier close to $ 11.15. There is also a downtrend line in place with resistance at $ 11.20 on the hourly chart of the ETC / USD pair. Furthermore, the 61.8% retracement level of Fib in the last decline from $ 11.33 to $ 10.81 is also close to the trend line. Therefore, the price is likely to escape the levels of $ 11.15 and $ 11.20. Above these, the price could test the next key resistance at $ 12.00.
The chart suggests that the price of the ETC is traded near a rotation zone at $ 11.15-20. A loss of profit above $ 11.20 could lead to a new decline towards the $ 10.80 support. Below $ 10.80, sellers are likely to take control for a sustained turn to support levels $ 10.50 and $ 10.40.
MACD timetable – The MACD for ETC / USD is positioned in the bullish zone.
RSI schedule – The RSI for ETC / USD is moving to level 50.
Main support level: $ 10.80
Main resistance level: $ 11.20
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