THELOGICALINDIAN - Key Highlights
Ethereum archetypal amount acquired absorption afresh adjoin the US Dollar and Bitcoin, and ETC/USD is now attractive to achieve aloft a key resistance.
Ethereum Classic Price Pivot Area
Yesterday, there was a failed attempt to move aloft $18 in ETC amount adjoin the US Dollar. As a result, the amount confused bottomward and traded beneath the $16 level. However, the aftermost beat low of $14.80 was not tested, and a low was formed at $15. The amount bounced acutely and remained shy of basic a bifold basal abreast $15. However, the arrangement is still bullish as the amount had confused aloft the 23.6% Fib retracement akin of the abatement from the $21.10 aerial to $15.02 low.
During the upside move, the amount bankrupt the $17.60 resistance, but there is no able abutting aloft $18. The drive was such that the amount bankrupt a bearish trend band formed with attrition at $17.35 on the alternate chart. However, the upside move was prevented by the 100 alternate simple affective average abreast $18. Moreover, the 50% Fib retracement akin of the abatement from the $21.10 aerial to $15.02 low additionally prevented upsides.
The amount aloof from the 100 alternate SMA at $18 and now affective aback appear the burst trend line. ETC needs to achieve aloft the $17.60-18.00 axis if it has to affected all affairs allowance and move appear $22 in the near-term.
Hourly MACD – The MACD may move aback in the bearish zone.
Hourly RSI – The RSI is branch lower appear the 50 level.
Major Support Level – $16.20
Major Resistance Level – $18.00
Charts address – Trading View, Kraken
