Ethereum Classic price analysis: ETC/USD encounters strong resistance; can it hold above $20?
- Ethereum price is struggling to hold above the major support level at $20.00.
- There are a couple of key bearish trend lines forming with the resistance levels at $21.00 and $23.00 respectively.
Ethereum Classic price has been having it rough and is struggling to sustain the price above the $20 level. Looking back at a price in the past few days, the charts show no substantial gains above $24. The price recently tested the support area between $16.50 and $20.00 severally.
Ethereum Classic price is currently trading at $20.55 as it consolidates the losses. ETC/USD is struggling to recover past the $21.00 short-term resistance level. On the upside, Ethereum Classic price is forming a couple of major bearish trend lines with the resistance levels at $21.00 and $23.00 respectively.
The immediate resistance level at $22.34 is close to the 23.6% Fibonacci retracement level of the previous swing high of $31.18 and a low of $19.61. A break above the immediate resistance level at $22.34 and the major resistance level $23.00, Ethereum Classic could experience more upside gains. The next resistance level could be near the 50% Fibonacci retracement level. On the downside, Ethereum price could settle between the support levels at $20.00 and $16.50 to prevent further losses.
ETC/USD intraday price chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
