- ETC/ETH is up 1.5% on the session and the price has stalled ahead of the 0.0400 psychological level.
- There is a key resistance level and trendline halting moves higher at the moment.
- On the daily candlestick chart there has been two rejections of higher levels.
ETC/ETH looks to have stalled on the daily chart above. There was a key trendline that price broke indicating more upside movement but since the move has not really materialized.
The 0.03940 level looked like a pretty strong resistance level in any case but after the momentum seen yesterday, you would be forgiven if you thought it would have continued.
Now on the downside, there are two scenarios in focus. One is the retest of the trendline at a lower level and a move back up. The second would be a move lower to test the 0.03274 support level.
Looking at the RSI now there is a pattern that looks vulnerable to a downside break. This could suggest we are in need of a retracement as the momentum indicator is showing signs of a slowdown.
0.0400 has not been tested either yet and maybe that is the reason for the price stalling at these areas.
Lastly, today the price is 1.5% higher so let's see what happens for the rest of the session and also wait for the Asian traders to step in.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.