Key Key Aspects
- The classic price of Ethereum is under pressure from the resistance of $ 11.20 and $ 11.40 compared to the US dollar.
- C & # 39; is a declining channel with resistance to $ 11.00 on the hourly chart of the ETC / USD pair (Data feed via Kraken).
- The pair remains at risk of further declines provided it is below the resistance of $ 11.00 and $ 11.20.
The classic price of Ethereum has recently found support against the US dollar and Bitcoin. ETC / USD is recovering, but the increases could be limited by $ 11.00 and $ 11.20.
Ethereum Classic Price Resistance
C & # 39; has been a downward extension of the price of ETC below the support area of $ 11.00 compared to the US dollar. The ETC / USD pair has fallen below support levels $ 10.50 and $ 10.25. He traded for $ 10.15 before the buyers appeared. Thereafter, there was an upward correction and the price returned above $ 10.50. There was also a break above the 50% fiber retracement level of the last decline, from $ 11.49 up to $ 10.15 down.
However, the upward move was limited by the resistance zone of $ 11.00. Furthermore, the 61.8% retracement level of Fib from the low of $ 11.49 to $ 10.15 has halted the upside move. There is also a declining channel in place with resistance to $ 11.00 on the hourly chart of the ETC / USD pair. Above the channel resistance, the 100-hour SMA is placed near the $ 11.10 level. Therefore, it seems that it will not be easy for buyers to cancel the resistance levels of $ 11.00, $ 11.10 and $ 11.20. If there is a new decline, the $ 10.40 level is an initial support.
The chart suggests that the price of ETC may slip again if it can not exceed $ 11.20. resistance. Above $ 11.20, the price could rise back to $ 11.80 and $ 12.00 in the short term
MACD schedule – The MACD for ETC / USD is slightly positioned in the bullish zone.
RSI timetable – The RSI for ETC / USD is currently moving towards level 50.
Major Support Level – $ 10.40
Major Resistance Level – $ 11.20