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Ethereum Classic Price Technical Analysis – Can ETC/USD Hold $20?
- Ethereum classic price is finding it hard to hold a major support at $20.00 against the US dollar.
- There are two key bearish trend lines forming with resistance at $21.00 and $23.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
- The pair must break above the $23.00 resistance and settle above the 100 hourly simple moving average.
Ethereum classic price is struggling to recover against the US Dollar and Bitcoin. ETC/USD has to move above the $21.00 and $23.00 resistances to gain upside momentum.
Ethereum Classic Price Resistance
There was no substantial recovery above $24.00 in ETC price during the past few days against the US dollar. The price tested the $16.50-20.00 support zone on many occasions, and succeeded in avoiding declines. It is currently trading just above the $20.00 and is consolidating losses. It seems like the price is finding is very hard to recover above the $21.00 resistance area in the short term.
On the upside, there are two key bearish trend lines forming with resistance at $21.00 and $23.00 on the hourly chart of the ETC/USD pair. The 23.6% Fib retracement level of the last drop from the $31.18 high to $19.61 low is near $22.34 to act as an intermediate resistance. Once there is a proper break above $22.35 and $23.00, there could be more gains. The next resistance could be around 50% Fib retracement level of the last drop from the $31.18 high to $19.61 low around $25.40.
Moreover, the 100 hourly SMA is sitting near $21.00. A break above the $21.00 level and 100 SMA could be a positive sign in the short term. On the downside, the price has to stay above $20.00 and $16.50 to avoid further declines.
Hourly MACD – The MACD for ETC/USD is mostly flat in the bearish zone.
Hourly RSI – The RSI for ETC/USD is currently moving higher towards the 50 level.
Major Support Level – $20.00
Major Resistance Level – $23.00
Charts courtesy – Trading View
Author: Aayush Jindal
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