THELOGICALINDIAN - Ethereum archetypal amount is convalescent a bit adjoin the US Dollar and Bitcoin ETCUSD needs to bright 1650 to move aback into the bullish zone
Ethereum Classic Price Resistance
There was a major decline accomplished in ETC amount from the $19.50 aerial adjoin the US Dollar. The amount was beneath a lot of bearish burden and bankrupt the $18.00 and $17.00 abutment levels. A new account low was formed at $14.79 from area the amount started a correction. It confused aloft the 23.6% Fib retracement akin of the aftermost abatement from the $19.60 aerial to $14.79 low once. However, the upside move was adequate by a accumbent attrition at $16.50.
The declared $16.50 attrition was a abutment beforehand and now preventing gains. Moreover, there is a above bearish trend band basic with attrition at $16.50 on the alternate blueprint of ETC/USD. The 38.2% Fib retracement akin of the aftermost abatement from the $19.60 aerial to $14.79 low is additionally abreast $16.65. Therefore, it seems like there is a crucial resistance basic abreast $16.50.
It won’t be accessible for buyers to advance the amount aloft $16.50 and $17.00. The 100 alternate simple affective boilerplate is positioned at $17.00 to act as a hurdle. On the downside, the $15.00 akin is a appropriate support, followed by $14.80. Selling rallies appear $16.50-17.00 can be advised in the abbreviate term.
Hourly MACD – The MACD is about to move aback in the bearish zone.
Hourly RSI – The RSI aloof confused aloft the 50 level.
Major Support Level – $14.80
Major Resistance Level – $16.50
Charts address – Trading View, Kraken
