Key Highlights
- Ethereum classic price faced an increased selling pressure and declined below $34.00 against the US dollar.
- There is a major bearish trend line forming with resistance at $34.50 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair may correct a few pips higher, but it remains sell on rallies near $34.50.
Ethereum classic price is now back in a bearish zone against the US Dollar and Bitcoin. ETC/USD is facing a lot of resistances on the upside near $34.00 and $34.50.
Ethereum Classic Price Resistances
A fresh downside wave was initiated from well above $37.00 in ETC price against the US dollar. The price declined and traded below a couple of important support levels such as $35.00 and $34.00. It even traded below the $33.25 support and settled below the 100 hourly simple moving average. It traded as low as $31.36 and it is currently correcting higher.
It is currently testing the 23.6% Fib retracement level of the last decline from the $37.11 high to $31.36 low. On the upside, the broken support at $33.25 may act as a strong resistance. Moreover, there is a major bearish trend line forming with resistance at $34.50 on the hourly chart of the ETC/USD pair. An intermediate resistance is around the 50% Fib retracement level of the last decline from the $37.11 high to $31.36 low at $34.28. Therefore, it seems like there are many barriers on the upside starting with $33.25. The most important hurdle is near $34.50, which won’t be easy to break in the near term.
On the downside, the recent low of $31.36 is a short-term support. A break below the $31.30 level could ignite a downside reaction towards the $30.00 level.
Hourly MACD – The MACD for ETC/USD is currently in the bearish zone.
Hourly RSI – The RSI for ETC/USD is now well below the 50 level.
Major Support Level – $31.30
Major Resistance Level – $34.50
Charts courtesy – Trading View
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