- Ethereum classic price continued its slide versus the Bitcoin, and declined towards 0.00150BTC.
- Yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) acted as a barrier and ignited a downside move.
- There is another steep bearish trend line formed on the same chart to stop the upside.
Ethereum classic price downside move extended yesterday, and there was a sharp downside move against the Bitcoin towards the 0.00150BTC.
Ethereum Classic Price Collapse
Ethereum classic price continued to decline, and a minor correction yesterday versus the Bitcoin failed. The ETC sellers prevented the upside move. The main hurdle was yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx). The pair fell sharply and lost more than 5%. There was a new weekly and monthly low below 0.00160BTC. The price traded as low as 0.00151BTC.
It is currently correcting higher, and may trade towards the 23.6% Fib retracement level of the drop from the 0.00187BTC high to 0.00151BTC low. However, there is a steep bearish trend line formed on the same chart, which can be seen as a resistance zone. If the price continues to correct higher, the highlighted trend line may stop the upside move. It looks like it won’t be easy for the ETC buyers to take the price higher in the near term.
If at all there is a break above 0.00160BTC, the price may face sellers near the 50% Fib retracement level of the drop from the 0.00187BTC high to 0.00151BTC low. Overall, the ETC remains in a downtrend, and every minor correction can be seen as a selling opportunity.
Hourly MACD – The MACD is strongly in the bearish zone with no signs of a recovery.
Hourly RSI – The RSI is around the oversold readings, which may produce a minor correction in ETC.
Major Support Level – 0.00150BTC
Major Resistance Level – 0.00160BTC
Charts courtesy – SimpleFX