- Ethereum classic price did not move much during the past two days against the US Dollar.
- There was a push below the 0.00182BTC support, but the price found bids near 0.00180BTC.
- There is a new small bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), which is currently preventing an upside move.
Ethereum classic price did not gain much against the Bitcoin, and also failed to decline. It looks like the ETC/BTC pair remains lifeless for now.
Ethereum Classic Price Resistance
Ethereum classic price continued to annoy traders, as there was hardly any major move, nor any break. There a minor downside reaction below an important support area of 0.00182BTC low. However, it cannot be considered as a break, as the new low was 0.00180BTC. It looks like the ETC is lacking volumes in terms of trading, which is the main reason for the current annoying range.
On the upside, there is now a new small bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx). It acted as a resistance on a couple of times, and may continue to stop gains in the short term. Moreover, the 23.6% Fib retracement level of the drop from the 0.00194BTC high to 0.00180BTC low might also act as a barrier for an upside move.
Last but not the least, the 100 hourly simple moving average is also just below the trend line resistance. It signifies the importance of the trend line, and suggests that the price may face sellers on the upside. One may consider trading with a range, but do not expect much from the ETC/BTC pair for now.
Hourly MACD – The MACD is currently in the bearish zone, and suggesting no recovery.
Hourly RSI – The RSI is currently below the 50 level with no signs of the bulls.
Major Support Level – 0.00180BTC
Major Resistance Level – 0.00185BTC
Charts courtesy – SimpleFX