Key Highlights
- Ethereum classic price declined recently, but managed to hold the $30.00-31.00 support against the US Dollar.
- There is a key bearish trend line forming with resistance at $34.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair might struggle to break the $35.00 level and the 100 hourly simple moving average in the short term.
Ethereum classic price is holding the ground against the US Dollar and Bitcoin. ETC/USD is facing a major barrier near $35.00, which must be breached for more gains.
Ethereum Classic Price Resistance
After an upside move above $37.00, ETC price faced sellers near $37.45 against the US Dollar. As a result, there was a downside reaction and the price moved below the $35.00 support. The decline was aggressive and the price fell below $32.00. However, the downside move was protected by the $30.00 support zone. Later, a recovery was initiated and the price was able to trade back above $32.00. It even traded above the 50% Fib retracement level of the last decline from the $37.45 high to $29.13 low.
However, the price is currently facing a major resistance near $34.50-35.00. On the upside, there is a key bearish trend line forming with resistance at $34.50 on the hourly chart of the ETC/USD pair. The same trend line at $34.50 is around the 100 hourly simple moving average. Therefore, a close above $34.50 and $35.00 won’t be easy in the short term. The pair is also seen struggling near the 61.8% Fib retracement level of the last decline from the $37.45 high to $29.13 low.
On the downside, the $31.00 and $30.00 levels are major supports and can be seen as buy zones.
Hourly MACD – The MACD for ETC/USD is moving slowly in the bullish zone.
Hourly RSI – The RSI for ETC/USD is moving lower and is currently below the 50 level.
Major Support Level – $30.00
Major Resistance Level – $35.00
Charts courtesy – Trading View, Kraken
