FxWirePro: ETC/USD struggles to close above $2, good to sell on rallies

ETC/USD has retreated after making a high of $2.30 and declined till $1.82 at the time of writing. It is currently trading around $1.886 (Kraken).

Short term trend: bearish

Ichimoku analysis (Hourly chart):

Tenkan-Sen level: $1.9400

Kijun-Sen level: $2.010

Trend reversal level - (200 HMA)-$2.45

The pair is facing strong resistance at 200 HMA. ETC/USD should break above 200 HMA for further bullishness.

Any violation above $2.45 will take the pair to next level till $2.55 (61.8% retracement of $2.87 and $1.95)/$2.73/$2.880 (Aug high).The minor resistance is at $2.150/$2.300. On the lower side, minor support is around $1.65 (161.8% retracement of $1.95 and $2.399) and break below targets $1.41 (Jul 31 low).