- Ethereum classic price collapsed against Bitcoin, as I was thinking and traded as low as 0.0035BTC.
- There was a bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), which was cleared recently to ignite a recovery.
- A recovery in ETC may not be easy, as buyers may face a lot of sellers on the upside.
Ethereum classic price after diving yesterday found support at 0.0035BTC. Can ETC recover in the near term or will it move down?
Ethereum Classic Price Resistance
Ethereum classic price ETC continued to move down against Bitcoin yesterday, and traded as low as 0.0035BTC where the bulls appeared to defend the downside. They already managed to start a recovery in ETC and it looks like if they can remain in control there may be more gains. The price is already above the 23.6% Fib retracement level of the last drop from the 0.0057BTC high to 0.00355BTC low.
Moreover, there was a break above a bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx). So, there are a couple of positive signs for the ETC buyers. However, the price is currently facing a resistance near the 100 hourly simple moving average. As long as the price is below it, the bulls may find it very difficult to take the price higher.
One may consider buying if there is a close above the 38.2% Fib retracement level of the last drop from the 0.0057BTC high to 0.00355BTC low. However, I think do not plan for a long term and place a tight stop, as I still feel it’s not the correct time to invest in ETC, but one can trade in the short term.
Hourly MACD – The MACD may move into the bullish zone soon.
Hourly RSI – The RSI is also above the 50 level, which is a positive sign.
Major Support Level – 0.0038BTC
Major Resistance Level – 0.0045BTC
Charts courtesy – SimpleFX