Key Highlights
- Ethereum classic price declined sharply before forming a short-term low at $22.05 against the US dollar.
- There is a crucial bearish trend line forming with resistance at $34.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is currently recovering, but it is facing a major resistance near the $32.00 area.
Ethereum classic price recovered recently after a major decline against the US Dollar and Bitcoin. ETC/USD is correcting higher, but it is finding offers around $32.00.
Ethereum Classic Price Upside Hurdles
There were continuous declines in ETC price as it moved below the $30.00 support against the US dollar. The price even broke the $25.00 support and traded toward the $22.00 level. A low was formed at $22.05 from where an upside correction was initiated. It has moved above the 23.6% Fib retracement level of the last decline from the $47.29 high to $22.05 low.
However, there are many resistances on the upside starting with $31.60. The 38.2% Fib retracement level of the last decline from the $47.29 high to $22.05 low is at $31.60 to prevent upsides. Moreover, there is a crucial bearish trend line forming with resistance at $34.00 on the hourly chart of the ETC/USD pair. Above the trend line resistance, the 100 hourly simple moving average is around $36.00. An intermediate resistance is the 50% Fib retracement level of the last decline from the $47.29 high to $22.05 low.
Therefore, there are clear hurdles near $32.00 and $34.00. It won’t be easy for buyers to break both levels and move above $35.00 in the near term. On the downside, an initial support is at $25.00, followed by the last swing low of $22.00.
Hourly MACD – The MACD for ETC/USD is slowly moving back in the bearish zone.
Hourly RSI – The RSI for ETC/USD is moving down towards the 50 level.
Major Support Level – $25.00
Major Resistance Level – $34.00
Charts courtesy – Trading View, Kraken
