- Ethereum classic continued to face selling pressure versus Bitcoin and may trade further down.
- There is a bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), which is acting as a resistance.
- A break below 0.0030BTC may push the price towards the last swing low of 0.0026BTC.
Ethereum classic price remained in a downtrend versus BTC, and it looks like there is a lot of risk at the moment for more losses in ETC.
Ethereum Classic Price Resistance
Ethereum classic price ETC struggle continues, as it failed to find buyers versus Bitcoin. There is a slow and steady downtrend noted for ETC/BTC with a support on the downside at 0.0030BTC. There is a major bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx). The trend line is currently acting as a resistance and preventing an upside move.
The most important point is that the price is now below the 100 hourly simple moving average, which is another resistance on the upside. All in all, the trend line along with the 100 hourly SMA is a major hurdle on the upside. The price is also facing sellers near the 23.6% Fib retracement level of the last drop from the 0.00344BTC high to 0.00308BTC low.
I feel as long as the price is below the trend line and 100 SMA, there is a chance of more losses in the short term. The ETC sellers need to break the 0.0030BTC support level in order to take the price further down. The next stop on the downside could be around the 0.0026BTC.
Hourly MACD – The MACD is comfortably placed in the bearish zone, and calling for more declines.
Hourly RSI – The RSI is below the 50 level, and showing no signs of a recovery in ETC.
Major Support Level – 0.00300BTC
Major Resistance Level – 0.00320BTC
Charts courtesy – SimpleFX