- Ethereum classic price declined against Bitcoin further and traded below the 0.0020BTC level.
- This week’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) is put to test at the moment.
- The price is currently struggling to clear the 100 hourly simple moving average, which is acting as a resistance.
Ethereum classic price continued to face selling pressure versus Bitcoin and declined. Can ETC/BTC recover in the near term?
Ethereum Classic Price Resistance
Ethereum classic price continued to decline against Bitcoin and even broke yesterday’s low. The price also cleared the 0.0020BTC support area to form a new low of 0.00198BTC. However, the price is currently making an attempt to trade higher and could make an upside move. The best part is that this week’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) is put to test.
The ETC bulls are trying to place the price above the highlighted trend line resistance. It won’t be easy for the buyers to take the price above it. The 100 hourly simple moving average is also placed just above the trend line resistance. So, it looks like the buyers have a task on their hand. It may face a lot of sellers around the 100 hourly simple moving average.
Moreover, the 23.6% Fib retracement level of the last drop from the 0.00236BTC high to 0.00198BTC is also around the 100 hourly simple moving average. So, we can say 0.0205-208BTC is a monster resistance area for ETC. Only a break above it could trigger a short-term recovery in the near term.
Hourly MACD – The MACD has moved from the bearish to bullish zone, which is a good sign.
Hourly RSI – The RSI is above the 50 level, calling for more gains in ETC moving ahead.
Major Support Level – 0.00200BTC
Major Resistance Level – 0.00208BTC
Charts courtesy – SimpleFX