THELOGICALINDIAN - Ethereum archetypal amount is afresh affective lower adjoin the US Dollar and Bitcoin ETCUSD ability anon retest the aftermost beat low of 1150
Ethereum Classic Price Resistance
There was a nice upside move in ETC amount this accomplished anniversary aloft the $12.00 handle adjoin the US Dollar. The amount traded aloft the $12.20 level, but bootless to breach the $12.50 resistance. There were two attempts to beat $12.50, but buyers bootless to accretion momentum. As a result, there was a downside move and the amount bankrupt the $12.40 support.
There was a bright breach beneath a key bullish trend band with abutment at $12.20 on the alternate blueprint of ETC/USD. The brace additionally surpassed the 38.2% Fib retracement akin of the aftermost beachcomber from the $11.50 low to $12.49 aerial and the 100 alternate simple affective average. It has opened the doors added losses and the brace traded beneath the $12.00 handle. There was alike a breach of the 50% Fib retracement akin of the aftermost beachcomber from the $11.50 low to $12.49 high.
These are bearish signs and the brace now looks set to abatement further. If the accepted drive stays intact, there is a adventitious of a downside breach appear the aftermost beat low of $11.50. Selling rallies abutting to the $12.20-40 levels can be advised in the abbreviate appellation as continued as there is no abutting aloft the 100 alternate SMA.
Hourly MACD – The MACD is now in the bearish zone.
Hourly RSI – The RSI has accomplished the oversold levels.
Major Support Level – $11.50
Major Resistance Level – $12.20
Charts address – Trading View, Kraken
