- Ethereum classic price declined further yesterday against the Bitcoin, and broke the 0.00140BTC support as well.
- There is a new minor bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx) along with this week’s trend line.
- Both trend lines can be considered as a major barrier for a recovery in ETC price.
Ethereum classic price continued to move down against the US Dollar and Bitcoin, and it looks like there may be no relief for the ETC buyers.
Ethereum Classic Price Decline
Yesterday, I mentioned that I believe that ETC price may test the 0.00140BTC level soon against the Bitcoin. The price did move down, and not only tested the stated level, but broke it. A new monthly low of 0.00135BTC was formed, and the price remained under a lot of bearish pressure. There was no relief for the ETC buyers, and they may continue to struggle to take the price higher.
This week’s highlighted bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx) is still intact. Moreover, there is now another bearish trend line on the same chart, which is currently acting as a barrier for the ETC. The 23.6% Fib retracement level of the drop from the 0.00155BTC high to 0.00135BTC low is also positioned near it. So, the new bearish trend line may be considered as a sell zone. However, the most important resistance is near the upper trend line, which acted as a hurdle on many occasions.
If the current trend continues, there is even a chance of a break below the recent low of 0.00135BTC, and a recovery won’t be easy in the short term.
Hourly MACD – The MACD is strongly placed in the bearish zone.
Hourly RSI – The RSI is well below the 50 level with so sign of a correction.
Major Support Level – 0.00135BTC
Major Resistance Level – 0.00140BTC
Charts courtesy – SimpleFX