- Ethereum classic price failed to make any move higher against the Bitcoin, and may decline further.
- There is a bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), which may push the price below 0.00148BTC.
- On the upside, the pair could face sellers near 0.00151BTC.
Ethereum classic price is trading in a tiny range as of now versus Bitcoin, but may soon head towards the 0.00145BTC support.
Ethereum Classic Price Resistance
ETC Classic price remained almost lifeless during the past 24 hours against the Bitcoin. There was a minor move higher from the 0.00148BTC low to 0.00154BTC, but the sellers managed to protect the upside move. The upside move was also protected by a bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx). Moreover, the 100 hourly simple moving average is also just above the trend line to act as a barrier for the ETC buyers.
The price is currently trading near the last swing low of 0.00148BTC, and there are high chances that the price may break it for a downside move. If there is any correction, then the 23.6% Fib retracement level of the drop from the 0.00161BTC high to 0.00148BTC low at 0.00151BTC may act as a resistance. The possibility of an upside move is very less, which means the ETC/BTC pair remained exposed to further losses.
The next major support on the downside is at 0.00140BTC, but an intermediate support can be at 0.00140BTC. We also saw how ETH declined recently, which may also weigh on the market sentiment for the ETC. Overall, more losses are on the cards as long as the negative sentiment is intact.
Hourly MACD – The MACD is in the bearish zone, and may remain there.
Hourly RSI – The RSI is well below the 50 level with no signs of a bounce back.
Major Support Level – 0.00145BTC
Major Resistance Level – 0.00151BTC
Charts courtesy – SimpleFX