- Ethereum classic price remained in the bearish zone against the Bitcoin, and may continue to trade lower.
- When we look at the daily chart of ETC/BTC (data feed via Simplefx), there is a monster bearish trend line acting as a resistance.
- The pair is currently trading near the recent low of 0.00150BTC, and may break it for more losses.
Ethereum classic price faced a lot of offers recently, and the daily chart of ETC/BTC suggests more declines in the near term.
Ethereum Classic Price Resistance
Ethereum Classic price saw a lot many bad weeks recently, as it declined continuously against the Bitcoin. Whenever, the price attempts to correct higher, sellers appeared and pushed the price down. The daily chart of ETC/BTC (data feed via Simplefx) says a lot. It clearly shows how the ETC price is on a declining streak. There is also a major bearish trend line on the same chart, acting as a resistance.
The price recently traded as low as 0.00149BTC from where it started a correction. There was a move towards the trend line and the 23.6% Fib retracement level of the drop from the 0.00342BTC high to 0.00149BTC low, which acted as a resistance. The price is once again testing the 0.00150BTC, which remains at a risk of a breakdown. We need to see whether the ETC bulls can protect it or not.
A break below it may call for a push towards 0.00140BTC. It looks like Ethereum Classic price may continue to decline, and there is hardly any positive sign, which could take it higher. Buying should be avoided until there is a bullish break noted on the daily chart.
Daily MACD – The MACD is in the bearish zone, and not showing any recovery sign.
Daily RSI – The RSI is well below the 50 level, which is a strong bearish sign.
Major Support Level – 0.00150BTC
Major Resistance Level – 0.00165BTC
Charts courtesy – SimpleFX