- Ethereum classic price traded further down versus Bitcoin and tested the 0.0020BTC level as forecasted.
- This week’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) acted as a perfect barrier for a downside push.
- The price remains at a risk of more declines since sellers seem to be in control at the moment.
Ethereum classic price declined further against Bitcoin and my view of selling rallies and a test of 0.0020BTC did well.
Ethereum Classic Price Decline
Ethereum classic price failure to move higher versus Bitcoin continued, as the price declined below 0.00218BTC. There was a new low formed for this week, as the sellers managed to clear yesterday’s low. The ETC/BTC has almost tested the 0.0020BTC level. I was looking for a test of the stated level, and it looks like the price successfully fulfilled all sell targets.
There was a decline in ETC/BTC, as this week’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) acted as a resistance. It pushed the price down once again and disabled buyers for a push. If the price corrects higher from the current levels, the 23.6% Fib retracement level of the last drop from the 0.00236BTC high to 0.00201BTC low can be tested.
The 100 hourly simple moving average is also positioned around the same trend line. So, we can assume that the 0.00209BTC is a major resistance on the upside. On the downside, if there is a break below 0.0020BTC, then it could be a very bearish sign. The price might even test the 0.00190BTC in that situation.
Hourly MACD – The MACD is strongly in the bearish zone, and showing no signs of a recovery.
Hourly RSI – The RSI is around the oversold readings, but there is no sign of the bulls at the moment.
Major Support Level – 0.00200BTC
Major Resistance Level – 0.00209BTC
Charts courtesy – SimpleFX