THELOGICALINDIAN - Ethereum archetypal amount is currently beneath burden adjoin the US Dollar and Bitcoin ETCUSD acclimatized beneath 1550 which is a shortterm bearish sign
Ethereum Classic Price Resistance
After a decent upside move, ETC amount faced a able affairs absorption beneath the $16.50 akin adjoin the US dollar. The ETC/USD brace traded as aerial as $16.44 afore starting a downside correction. It beneath and confused beneath a few abutment levels such as $16.00 and $15.80. The best important move was a abutting beneath the $15.50 abutment and the 100 alternate simple affective average.
During the decline, the amount bankrupt the 50% Fib retracement akin of the aftermost beachcomber from the $14.20 low to $16.44 high. More importantly, there was a breach beneath a above bullish trend band with abutment at $15.50 on the alternate blueprint of the ETC/USD pair. The brace traded as low as $14.74 afresh and is currently accumulation losses. On the upside, an antecedent attrition is abreast the 23.6% Fib retracement akin of the aftermost abatement from the $16.44 aerial to $14.74 low. However, the most cogent hurdle for buyers is abreast $15.50 and the 100 alternate simple affective average.
The chart suggests that the amount may actual a few points, but it could face sellers abreast $15.50. On the downside, a breach beneath the contempo low of $14.74 ability advance the amount appear the abutting supports at $14.50 and $14.20.
Hourly MACD – The MACD for ETC/USD has confused aback in the bearish zone.
Hourly RSI – The RSI for ETC/USD is affective college from the oversold levels abreast 35.
Major Support Level – $14.50
Major Resistance Level – $15.50
