THELOGICALINDIAN - Ethereum archetypal amount bootless to accretion drive against the US Dollar and Bitcoin and ETCUSD beneath beneath a key abutment breadth at 16001550
Ethereum Classic Price Resistance
In the accomplished few analysis, I accent an important resistance breadth abreast $16.50-17.00 in ETC amount adjoin the US Dollar. The amount struggled to achieve aloft $17.00 and bootless to accretion momentum. As a result, there was a downside move. The downside move was such that there was a breach beneath a acute abutment breadth abreast $16.00. Moreover, the aftermost assay accent ascendance approach arrangement with abutment at $16.00 on the alternate blueprint of ETC/USD was additionally cleared.
The amount alike traded beneath the $15.50 abutment and the 100 alternate simple affective average. It afire aciculate declines and the amount traded beneath $14.00. A new account low was formed abreast $13.44 and after the amount started recovering. It is currently aloft the 23.6% Fib retracement akin of the last decline from the $17.55 aerial to $13.44 low.
However, there are abounding hurdles abreast $15.00-15.50 on the upside. There is a bearish trend band on the aforementioned blueprint at $15.50. The aforementioned trend band additionally coincides with the 50% Fib retracement akin of the aftermost abatement from the $17.55 aerial to $13.44 low. So, if the amount continues to move higher, it could face sellers abreast $15.50. Selling rallies abreast $15.50 can be advised in the abbreviate term.
Hourly MACD – The MACD is convalescent in the bullish zone.
Hourly RSI – The RSI is currently beneath the 50 level.
Major Support Level – $14.00
Major Resistance Level – $15.50
Charts address – Trading View, Kraken
