- Ethereum classic price continued its decline against the Bitcoin, and traded below yesterday’s low of 0.00113BTC.
- This week’s highlighted bearish trend line continued to provide offers on the hourly chart of ETC/BTC (data feed via Simplefx).
- If the current trend continues, there is a chance of ETC testing the 0.00100BTC level.
Ethereum classic price made another new low yesterday against the Bitcoin, and may continue to remain under the bearish pressure.
Ethereum Classic Price New Low
ETC price made another low against the US dollar and Bitcoin, and declined below yesterday’s low. The ETC/BTC pair cleared the last swing low of 0.00113BTC to trade as low as 0.00111BTC. The pair faced sellers during the recovery yesterday, and declined. The attempt to break yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) failed. As a result, there was a downside move.
The pair is once again making an attempt to correct higher, but it is likely to face sellers near the same trend line and resistance. Moreover, the new low’s 23.6% Fib retracement level of the drop from the 0.00128BTC high to 0.00111BTC low may also act as a resistance along with the trend line. On the downside, the next important support is at 0.00100BTC, where there is a chance of the ETC buyers taking a stand.
If at all the buyers manage to push the price higher, the 100 hourly simple moving average may then come into the picture. It along with the 50% Fib retracement level of the drop from the 0.00128BTC high to 0.00111BTC low may act as a resistance. Overall, the price remains in a downtrend, and it may be very difficult for the buyers to start a recovery.
Hourly MACD – The MACD stayed in the bearish zone, and may continue to remain in it.
Hourly RSI – The RSI may attempt to break the 50 level, but could fail.
Major Support Level – 0.00111BTC
Major Resistance Level – 0.00118BTC
Charts courtesy – SimpleFX