- Ethereum after creating a minor new high of 0.00206BTC versus Bitcoin started trading lower.
- There is a bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), which is acting as a downside move catalyst.
- The price is also below the 100 hourly simple moving average, which is a bearish sign.
Ethereum classic price is once again under bearish pressure against the US dollar, and looks poised for a move towards the 0.00182BTC in the short term.
Ethereum Classic Price Resistance
Ethereum classic price after maintaining a bullish bias for a few sessions this past week against the US Dollar traded as high as 0.00206BTC. Later, sellers appeared and managed to push the price down. There was a break below the 100 hourly simple moving average during the recent downside move. Moreover, the price also cleared the 61.8% Fib retracement level of the wave from the 0.00182BTC low to 0.00206BTC high.
There was a retest of the last swing low of 0.00182BTC where buyers protected further losses. The price is currently recovering, as there is a chance of a double bottom pattern. However, the upside move won’t be easy for ETC. An initial resistance is around a bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx). Moreover, the 38.2% Fib retracement level of the drop from the 0.00206BTC high to 0.00182BTC low is also around the stated level.
A break above the trend line resistance area won’t be easy for the ETC buyers. So, in my view, there is a chance of yet another move towards 0.00182BTC. The only warning sign for the sellers is a double bottom pattern near 0.00182BTC.
Hourly MACD – The MACD is currently in the bearish zone with no signs of a recovery.
Hourly RSI – The RSI is also below the 50 level, which is a bearish sign.
Major Support Level – 0.00182BTC
Major Resistance Level – 0.00192BTC
Charts courtesy – SimpleFX