- Ethereum classic price fell further, and weakened a lot against the Bitcoin.
- This past week’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) is still intact and acting as a hurdle.
- The recent low was 0.00113BTC, which remains at a risk in the short term.
Ethereum classic price declining streak against the Bitcoin extended, as the ETC/BTC fell below 0.00120. More losses are likely going forward.
Ethereum Classic Price Heavy Losses
No doubt, Ethereum classic price is under heavy selling pressure versus the Bitcoin, as it collapsed further during the past three days. There was a break below 0.00120BTC, which was a major physiological level. This means there is a chance of more losses in the ETC/BTC pair in the short term. The recent low was 0.00113BTC, and it looks like it may be broken soon for yet another new low.
The most important resistance on the upside is around this past week’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx). It acted as a resistance on many occasions, and recently stopped the upside move. The 23.6% Fib retracement level of the drop from the 0.00150BTC high to 0.00113BTC low is also around the trend line resistance. So, if the pair corrects higher, it may face offers near 0.00122BTC.
On the downside, as I mentioned the recent low of 0.00113BTC remains at a risk. The ETC sellers may attempt to clear it, and in that situation, the 0.00110BTC support may be tested. One may consider selling ETC as long as the price is below the highlighted resistance area at 0.00122BTC.
Hourly MACD – The MACD is now back into the bearish zone, and calling for more losses.
Hourly RSI – The RSI is reaching the oversold readings, but with no sign of a recovery.
Major Support Level – 0.00113BTC
Major Resistance Level – 0.00122BTC
Charts courtesy – SimpleFX