- Ethereum classic price recovered a few points against Bitcoin recently, but failed to hold gains.
- There is a bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), acting as a downside move catalyst.
- The price is also below the 100 hourly simple moving average, which is a hurdle for buyers on the upside.
Ethereum classic price after a minor recovery against Bitcoin failed, and it looks like ETC buyers are lacking momentum in the short term.
Ethereum Classic Price Resistance
Ethereum classic price recently traded as high as 0.00219BTC against Bitcoin where sellers defended any further gains. Since then, the price moved down slowly and steadily, and broke the 0.0020BTC support area as well. There is a bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx). It is acting as a resistance and pushing the price lower.
The pair has also moved below the 50% Fib retracement level of the last wave from the 0.00182BTC low to 0.00219BTC high. So, there is a real chance of more losses in the near term. A crucial thing to note is that the 100 hourly simple moving average is positioned with the trend line. So, it increases the value of the highlighted resistance area. If the price continues to move down, then it may test the 76.4% Fib retracement level of the last wave from the 0.00182BTC low to 0.00219BTC high.
However, in such cases the price generally retest the full last swing low, which is currently at 0.00182BTC. So, one may consider selling in ETC/BTC as long as the trend line resistance is valid.
Hourly MACD – The MACD is now in the bearish zone, and suggesting more declines in the ETC.
Hourly RSI – The RSI is well below the 50 level, which is a bearish sign in the short term.
Major Support Level – 0.00190BTC
Major Resistance Level – 0.00200BTC
Charts courtesy – SimpleFX