Key Highlights
- Ethereum classic price is trading in a range above the $11.60 support area against the US Dollar.
- There is a major descending channel pattern forming with resistance at $12.20 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might correct higher, but upsides are likely to be capped by $12.10-12.20.
Ethereum classic price is consolidating against the US Dollar and Bitcoin. ETC/USD needs to settle above $12.20 in order to challenge the $12.80 resistance.
Ethereum Classic Price Support
There was a slow and steady decline in ETC price towards the $11.60 support against the US Dollar. The price traded as low as $11.56 before finding bids. It started an upside move and traded above the 23.6% Fib retracement level of the last decline from the $12.40 high to $11.56 low. However, the upside move is likely to face sellers near the $12.00 handle.
The 100 hourly simple moving average is at $12.00 along with the 50% Fib retracement level of the last decline from the $12.40 high to $11.56 low. It won’t be easy for buyers to push the price above $12.00. Above $12.00, there is a major descending channel pattern forming with resistance at $12.20 on the hourly chart of the ETC/USD pair. Therefore, upsides are likely to be capped by the $12.20 resistance area.
As long as the price is below $12.20, there are chances of more declines toward $11.50-40. Above $12.20, the doors would open for a test of the next important resistance at $12.80. The overall trend is neutral at the moment with support near $11.50. There can be more ranging moves and traders may look to sell toward $12.20 in the short term.
Hourly MACD – The MACD is attempting to move back in the bullish zone.
Hourly RSI – The RSI is currently moving toward the 50 level.
Major Support Level – $11.50
Major Resistance Level – $12.20
Charts courtesy – Trading View, Kraken
