THELOGICALINDIAN - Ethereum archetypal amount confused bottomward in the bearish area adjoin the US Dollar and Bitcoin and ETCUSD now accession for added declines beneath 1650
Ethereum Classic Price Resistance
This accomplished week, we followed a major application triangle arrangement with abutment at $16.90 on the alternate blueprint (data augment via Kraken) of ETC/USD. There were abounding beat moves central the triangle, but after ETC amount absent drive and beneath beneath $16.80. There was a breach of the $16.50 and $15.20 abutment area. A new account low was formed at $14.47 from area a accessory accretion was initiated.
The amount traded aloft the 50% Fib retracement akin of the aftermost abatement from the $17.65 aerial to $14.47 low. However, the upside move was adequate by $16.80 and the 100 alternate simple affective average. The amount bootless aloof aloft the 61.8% Fib retracement akin of the aftermost abatement from the $17.65 aerial to $14.47 low. Later, a new downside wave was initiated, and amount is currently attractive to retest $15.00.
If sellers abide in control, there is a adventitious of ETC retesting alike the aftermost beat low at $14.47. On the upside, the $16.50 attrition and the 100 alternate simple affective boilerplate are aloft barrier. Only an alternate abutting aloft $17.00 ability abate the accepted bearish bias. Selling rallies appear the 100 alternate simple affective boilerplate and $16.50 ability be advised in the abbreviate term.
Hourly MACD – The MACD is accepting clip in the bearish zone.
Hourly RSI – The RSI is convalescent from the oversold levels.
Major Support Level – $15.00
Major Resistance Level – $16.50
Charts address – Trading View, Kraken
