Tuesday, January 31, 2023
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    Ethereum Classic Price Analysis –ETC/USD’s Upsides Capped

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    Key Highlights

    • Ethereum classic price failed to hold the $10.00 support against the US Dollar and declined towards $9.50.
    • This week’s highlighted crucial bearish trend line with current resistance at $10.60 is intact 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 $10.60.

    Ethereum classic price fell sharply against the US Dollar and Bitcoin. ETC/USD is recovering, but it is facing a major resistance near $10.60-80.

    Ethereum Classic Price Resistance

    There was no stopping sellers as ETC price declined further and failed to hold the $10.00 handle against the US Dollar. The price traded towards the $9.50 support and formed a low at $9.52. Later, a recovery was initiated from the $9.52 low and the price was able to move above the $10.00 handle. It traded as high as $10.98 where it faced strong selling interest. Moreover, this week’s highlighted crucial bearish trend line with current resistance at $10.60 also prevented gains on the hourly chart of the ETC/USD pair.

    The pair is once again under pressure and recently moved below the 38.2% Fib retracement level of the last wave from the $9.52 low to $10.98 high. However, the downside move is currently protected by the $10.20 support. The 50% Fib retracement level of the last wave from the $9.52 low to $10.98 high is also preventing declines. There is a chance that the price might recover, but it will most likely face sellers near $10.60-80. Moreover, the trend line resistance at $10.60 is also close to the 100 hourly simple moving average.

    Therefore, a break above the $10.60-80 resistance area won’t be easy. On the downside, the $10.20-10.00 support might continue to stop declines in the short term.

    Hourly MACD – The MACD is currently in the bearish zone.

    Hourly RSI – The RSI is currently well below the 50 level and showing negative signs.

    Major Support Level – $10.00

    Major Resistance Level – $10.60

     

    Charts courtesy – Trading View, Kraken

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