Yesterday, smartereum.com reported that the Ethereum Classic (ETC) to USD pair was recovering upwards. However, this morning, the pair faced resistance at $11.15 and $11.20. A significant bearish trend line that had resistance at $11.20 is causing a hurdle for Ethereum Classic. If the upside move is to resume, the pair must break this resistance. Three days ago, the Ethereum Classic to USD pair suffered a decline falling below the support at $11.00 and forming another support at $10.80 before it started consolidating and trading in range. It later corrected higher and moved towards the resistance at $11 00. It broke the 50% Fibonacci retracement level of the last slide from $11.33 to $10.81.
Ethereum Classic (ETC) Price Today – ETC / USD
The move upside was positive staying steady above the $11.00 level. However, the buyers are facing serious resistance at $11.15. The 100 hourly SMA is now acting as resistance near $11.15. A significant bearish trend line that had resistance at $11.20 was formed and the 61.8% Fibonacci retracement level of the last fall from $11.33 to $10.81 stayed near the trend line. The price of Ethereum Classic will most likely to face resistance near $11.15 and $11.20. If it is able to cross this level, the rise upward will be smooth until it price gets to $12.00.
From the price chart, the relative strength index of ETC is heading towards 50 while the MACD on the hourly chart is in the bullish territory. There is a significant resistance at $11.20 and a significant support at 11.80. The price was moving near the $11.15 and $11.20 pivot level this morning. If it fails to gain the momentum needed to move above $11.20, it will most likely decline towards the support at $11.80. Below this support, the sellers will most likely dominate the market and push the price low towards $10.50 and even $10.40.