Key Highlights
- Ethereum classic price is consolidating above the $10.80 support level against the US dollar.
- There is a key bearish trend line formed with resistance at $11.35 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair is likely to break the trend line to test the $11.80 and $12.00 resistances in the near term.
Ethereum classic price is holding the positive bias against the US Dollar and Bitcoin. ETC/USD could slowly move towards the all-important $12.00 resistance.
Ethereum Classic Price Analysis
After trading as low as $10.40, ETC price started an upward move against the US dollar. The ETC/USD pair settled above the $10.80 support area and formed an intermediate low at $10.78. Later, it traded above the $11.00 and $11.20 resistance levels. However, the price failed to clear the $11.55 resistance and declined towards the $11.00 level. Buyers appeared near $11.00 and pushed the price above the 50% Fib retracement level of the recent decline from the $11.57 high to $10.96 low.
However, it seems like the price is struggling to settle above the $10.40 level and the 100 hourly simple moving average. There is also a key bearish trend line formed with resistance at $11.35 on the hourly chart of the ETC/USD pair. Above the trend line, the 61.8% Fib retracement level of the recent decline from the $11.57 high to $10.96 low is at $11.34. Therefore, buyers need to clear the $11.35 resistance to gain momentum in the near term. Above this, the price is likely to break the $11.57 high. The next targets for buyers could be $11.80 and $12.00.
The chart suggests that ETC price is preparing for the next move above $11.35. On the flip side, if there is a downside break, the $11.00 and $10.80 supports are likely to prevent losses.
Hourly MACD – The MACD for ETC/USD is gaining in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently above the 55 level.
Major Support Level – $10.80
Major Resistance Level – $11.35
