The value of Ethereum Classic (ETC) is under pressure beneath the resistance at $11.2 and $11.4 against the USD. The value of the digital currency recently found strong support against Bitcoin (BTC) and the U.S dollar. Ethereum Classic (ETC) is slowly and steadily recovering, but it is likely to face hurdle at the $11.20 and $11.40 levels.
Ethereum Classic (ETC) Price Today – ETC / USD [ccpw id=”20315″]
At the time of writing, Ethereum Classic (ETC) is changing hands at $11.95 after an increase of more than five percent over the past twenty-four hours. The current market cap of the digital currency is $1.14 billion and its trading volume over the past twenty-four hours is $170.18 million.
Ethereum Classic (ETC) Price Watch and Trend
There was an extensive decline in the value of Ethereum Classic (ETC) below the $11 level. The value of the coin declined further and broke the support at $10.50 and $10.25. The digital currency even tested the $10.15 mark before buyers showed up.
The digital currency later began an upward movement and the value of the coin surged over the $10.50 mark. There was also a break over the 50 percent Fibonacci retracement level of the previous swing from the high of $11.49 to the low of $10.15. Nevertheless, the digital currency was capped on the upside at the $11 resistance level.
Also, the 61.8 percent Fibonacci retracement level of the previous swing from the high of $11.49 to the low of $10.15 capped the upward trend. There was also a formation of a declining channel with hurdle at $11 on the 1-hour chart of the coin. Over this level, the 100-hourly simple moving average is placed close to the $11.10 level.
Hence, buyers might have a tough time clearing the hurdles at $11, $11.10, and $11.20. On the downside, the $10.40 mark will act as support and prevent further losses if there is a fresh decline. The next few trading sessions will determine if the price action will change.