THELOGICALINDIAN - Ethereum archetypal amount is positioned in a bullish trend adjoin the US Dollar and Bitcoin ETCUSD may barter in a ambit aloft 1580 afore it makes the abutting move
Ethereum Classic Price Resistance
There was a decent upside move in ETC amount aloft the $16.00 akin adjoin the US dollar. The ETC/USD brace traded appear the $17.00 akin area sellers emerged. A aerial was formed at $17.01 from area the amount started a downside correction. It confused bottomward and bankrupt the $16.80 and $16.60 abutment levels. Moreover, there was a breach beneath the 50% Fib retracement akin of the aftermost leg from the $15.05 low to $17.01 high.
More importantly, there was a breach beneath a abutting bullish trend band with abutment at $16.60 on the alternate blueprint of the ETC/USD pair. However, the abatement begin abutment abreast the $16.50 level, which is a key axis zone. There is additionally a bullish trend band on the aforementioned blueprint with accepted abutment at $15.80. At the moment, the amount is testing the 50% Fib retracement akin of the aftermost bead from the $17.01 aerial to $15.62 low. A breach aloft the $16.40 akin is appropriate for an upside acceleration appear $17.00 or alike higher.
The chart aloft suggests that the amount is positioned accurately aloft the $15.80 support. As continued as ETC is aloft $15.60-80, it may barter in a ambit afore authoritative the abutting move higher.
Hourly MACD – The MACD for ETC/USD is accepting clip in the bullish zone.
Hourly RSI – The RSI for ETC/USD is currently able-bodied aloft the 50 level.
Major Support Level – $15.60
Major Resistance Level – $16.40
