THELOGICALINDIAN - Ethereum archetypal amount is beneath burden adjoin the US Dollar and Bitcoin ETCUSD may consolidate in the abbreviate appellation afore before 2024
Ethereum Classic Price Resistance
After a nice upside move, ETC amount bootless to analysis and breach the $23.00 attrition adjoin the US dollar. The ETC/USD brace formed a top at $22.90 and started a downside move. It beneath and surpassed a few important supports such as $21.00 and $20.50. More importantly, there was a breach and abutting beneath the $20.00 abutment and the 100 alternate simple affective average.
During the drop, there was a breach beneath a key bullish trend band with abutment at $20.40 on the alternate blueprint of the ETC/USD pair. The brace traded as low as $18.13 afore buyers appeared. It started an upside accretion and activated the 23.6% Fib retracement akin of the aftermost abatement from the $22.90 aerial to $18.13 low. However, there is a bearish trend band with accepted attrition at $19.15, which is acting as a hurdle. Above $19.15, the $20.00 akin is a acute hurdle forth with the 100 alternate SMA. Above $20.00, the amount may analysis the 50% Fib retracement akin of the aftermost abatement from the $22.90 aerial to $18.13 low.
The chart indicates that the brace may consolidate aloft $18.00 for some afore affective higher. Having said that, a breach aloft the $20.00 and $20.50 attrition levels won’t be easy.
Hourly MACD – The MACD for ETC/USD is hardly in the bullish zone.
Hourly RSI – The RSI for ETC/USD is affective college appear the 50 level.
Major Support Level – $18.20
Major Resistance Level – $20.00
