Key Highlights
- Ethereum classic price is struggling to break the $11.15-20 resistance area against the US dollar.
- There is a major bearish trend line in place with resistance at $11.20 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair needs to clear the trend line and $11.25 pivot level to gain upside momentum.
Ethereum classic price stayed above key supports against the US Dollar and Bitcoin. ETC/USD must break the $11.20-25 resistance to test $12.00.
Ethereum Classic Price Analysis
Recently, ETC price declined below the $11.00 support against the US dollar. However, the ETC/USD pair found support near the $10.80 level and started consolidating in a range. Later, the price corrected higher and moved above the $11.00 resistance. There was also a break above the 50% Fib retracement level of the last drop from the $11.33 high to $10.81 low.
The upside move was positive above the $11.00 level, but buyers are currently facing a strong resistance near $11.15. It seems like the 100 hourly simple moving average is acting as a barrier near $11.15. There is also a major bearish trend line in place with resistance at $11.20 on the hourly chart of the ETC/USD pair. Moreover, the 61.8% Fib retracement level of the last drop from the $11.33 high to $10.81 low is also near the trend line. Therefore, the price is likely to struggle near the $11.15 and $11.20 levels. Above these, the price could test the next key resistance at $12.00.
The chart suggests that ETC price is trading near a pivot zone at $11.15-20. A failure to gain momentum above $11.20 may well result in a fresh decline towards the $10.80 support. Below $10.80, sellers are likely to take control for an extended ride towards the $10.50 and $10.40 support levels.
Hourly MACD – The MACD for ETC/USD is placed in the bullish zone.
Hourly RSI – The RSI for ETC/USD is moving lower towards the 50 level.
Major Support Level – $10.80
Major Resistance Level – $11.20
