- Ethereum classic price after an impressive run during the start of August against Bitcoin failed to sustain momentum.
- It looks like the ETC/BTC pair is forming a consolidation pattern on the 4-hours chart (data feed via Simplefx).
- On the upside, there is a major resistance near 0.0035BTC, and on the downside support lies at 0.0022BTC.
Ethereum classic price struggled during the late part of August 2016 against Bitcoin, and it may remain under pressure in the near term.
Ethereum Classic Price Range
Ethereum classic price after trading as high as 0.0063BTC against Bitcoin in August 2016 started to move down. There was even a close below an important support area of 0.0035BTC. The same level is now acting as a resistance area and preventing an upside move. There are a few important points to note if we have a look at the 4-hours chart of the ETC/BTC pair (data feed via Simplefx).
First, the price is now below the 100 hourly simple moving average on the 4-hours’ time frame. Second, there is a monster resistance on the upside at 0.0035BTC. The stated level is also positioned with the 23.6% Fib retracement level of the last drop from the 0.00632BTC high to 0.00257TC low. So, it holds a lot of value and may act as a barrier for the ETC buyers and prevent an upside move.
Third and the last one is the 0.0022BTC level. It is a major support area, as can be seen in the chart. And, the price must stay above it for the bulls to remain in action. In my view, it looks like the price may consolidate for some time before preparing for the next move.
4-hours MACD – The MACD is currently in the bearish zone, and signaling no major upside move.
4-hours RSI – The RSI is well below the 50 level, which is a bearish sign.
Major Support Level – 0.0022BTC
Major Resistance Level – 0.0035BTC
Charts courtesy – SimpleFX