Ethereum classic price gained traction recently against the US Dollar and Bitcoin, and ETC/USD is now looking to settle above a key resistance.
Key Highlights
Ethereum classic price after a downside move towards $14.80 against the US Dollar found support.
There was a break above a bearish trend line formed at $17.25 on the hourly chart (data feed via Kraken) of ETC/USD.
The price is currently hovering near key resistance level of $17.60, which holds a lot of importance.
Ethereum Classic Price Pivot Area
Yesterday, there was a failed attempt to move above $18 in ETC price against the US Dollar. As a result, the price moved down and traded below the $16 level. However, the last swing low of $14.80 was not tested, and a low was formed at $15. The price bounced sharply and remained shy of forming a double bottom near $15. However, the pattern is still bullish as the price had moved above the 23.6% Fib retracement level of the decline from the $21.10 high to $15.02 low.
During the upside move, the price broke the $17.60 resistance, but there is no proper close above $18. The momentum was such that the price broke a bearish trend line formed with resistance at $17.35 on the hourly chart. However, the upside move was prevented by the 100 hourly simple moving average near $18. Moreover, the 50% Fib retracement level of the decline from the $21.10 high to $15.02 low also prevented upsides.
The price retreated from the 100 hourly SMA at $18 and now moving back towards the broken trend line. ETC needs to settle above the $17.60-18.00 pivot if it has to overcome all selling odds and move towards $22 in the near-term.
Hourly MACD – The MACD may move back in the bearish zone.
Hourly RSI – The RSI is heading lower towards the 50 level.
Major Support Level – $16.20
Major Resistance Level – $18.00
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