- Ethereum classic price is facing a major resistance near $11.00 against the US dollar.
- There is a crucial bearish trend line formed with resistance at $10.95 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair must break the $11.00 resistance level to trade higher towards the $11.40 level.
Ethereum classic price is following a bearish path against the US Dollar and Bitcoin. ETC/USD may continue to move down as long as it is below $11.00.
Ethereum Classic Price Analysis
During the past few days, there was a slow and steady decline from $12.00 in ETC price against the US dollar. The ETC/USD pair also broke the $11.00 support and traded towards the $10.60 level. A low was $10.61 and later the price started an upside correction. There was a break above the $10.80 resistance and the 100 hourly simple moving average.
The price also moved above the 50% Fib retracement level of the last decline from the $11.15 high to $10.61 low. However, the upside move was protected by the $11.00 resistance. More importantly, there is a crucial bearish trend line formed with resistance at $10.95 on the hourly chart of the ETC/USD pair. Around the trend line, the 61.8% Fib retracement level of the last decline from the $11.15 high to $10.61 low is also positioned. Therefore, the price has to break the trend line and the $11.00 resistance to gain traction. Above $11.00, the price could continue to move higher towards the $11.25 and $11.40 resistances.
The chart suggests that ETC price is under pressure below the $11.00 pivot level. If there is no close above $11.00, the price may decline further. On the downside, an initial support is at $10.80, below which the price may trade towards $10.60.
Hourly MACD – The MACD for ETC/USD is currently in the bearish zone.
Hourly RSI – The RSI for ETC/USD is placed above the 50 level.
Major Support Level – $10.60
Major Resistance Level – $11.00
Author: Aayush Jindal