THELOGICALINDIAN - Ethereum archetypal amount beneath afresh adjoin the US Dollar and Bitcoin ETCUSD has to break aloft the 2024 abutment to abstain a trend change in the abreast term
Ethereum Classic Price Support
There were about two attempts by ETC amount to clear the $23.00 resistance adjoin the US dollar. The ETC/USD brace could not move aloft the declared $23.00 hurdle and started a downside move. It beneath beneath the 23.6% Fib retracement akin of the aftermost beachcomber from the $18.11 low to $22.93 high. More importantly, there was a breach beneath the $22.00 abutment and the 100 alternate simple affective average.
The abatement was cogent as there was a breach beneath a aloft bullish trend band with abutment at $21.30 on the alternate blueprint of the ETC/USD pair. The brace is now trading able-bodied beneath the $21.50 abutment and the 100 alternate SMA. At the outset, the amount is captivation the 50% Fib retracement akin of the aftermost beachcomber from the $18.11 low to $22.93 aerial at $20.50. Beneath the mentioned $20.50, the abutting aloft abutment is about $20.00. ETC amount charge break aloft the declared $20.00 abutment if it has to break in a bullish zone.
The chart indicates that the amount is accident momentum, but $20.00 holds a lot of significance. If there is a breach beneath $20.00, the amount could abatement added appear $18.00. On the added hand, if it recovers, the burst abutment at $21.50 and 100 alternate SMA are acceptable to anticipate upsides.
Hourly MACD – The MACD for ETC/USD is aback in the bearish zone.
Hourly RSI – The RSI for ETC/USD is now able-bodied beneath the 50 level.
Major Support Level – $20.00
Major Resistance Level – $21.50
