- Ethereum classic price continued to weaken against Bitcoin and looks set for more losses moving ahead.
- There is a bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), which may act as a hurdle if the price recovers.
- It looks like the ETC may decline further and test the all-important 0.0020BTC level.
Ethereum classic price faced a lot of offers recently versus Bitcoin, and it may continue to face sellers in the near term.
Ethereum Classic Price Decline
Ethereum classic price failed to move higher against Bitcoin and traded lower. In my last analysis, I forecasted a new low in ETC/BTC, and the price did move down. The recent low created by ETC was 0.0021BTC. It looks like the price is under a lot of pressure and may continue to weaken in the short term. The ETC bears were in full action, and as a result, there seem to be more losses in the near future.
On the upside, an initial resistance is around the 23.6% Fib retracement level of the last drop from the 0.00250BTC high to 0.00213BTC low. The next one is around the 100 hourly simple moving average. However, the most important one is around a bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx). The trend line resistance is also aligned with the 61.8% Fib retracement level of the last drop from the 0.00250BTC high to 0.00213BTC low.
So, if the price corrects higher, then it may face sellers on rallies. As long as the price is below the highlighted trend line, there is a chance of a move towards 0.0020BTC.
Hourly MACD – The MACD is currently is the bearish zone, and signaling more declines.
Hourly RSI – The RSI is currently below the 50 level, but attempting to break it for a short-term recovery.
Major Support Level – 0.00215BTC
Major Resistance Level – 0.00240BTC
Charts courtesy – SimpleFX