Ethereum Classic Price Technical Analysis

Ethereum Classic Price Analysis – Can ETC/BTC Break This?

Avatar Aayush Jindal 3 years ago

Key Highlights

  • Ethereum classic price moved further down to break the last low of 0.00121BTC.
  • This week’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) is currently acting as a resistance area.
  • The price is currently trading higher, and attempting to break an important resistance area.

Ethereum classic price declined further yesterday against Bitcoin, and then started a recovery. Can ETC buyers get success in taking the price higher?

Ethereum Classic Price Upside Hurdle

ETC price attempted a minor upside move yesterday versus Bitcoin, and then declined. There was a break below the 0.00120BTC support, which is a bearish sign. A new low was formed at 0.0016BTC. I was looking for a test of 0.0015BTC yesterday, and the price almost tested it. ETC is currently finding buyers and attempting to trade higher in the short term.

However, there is a crucial resistance formed on the upside around 0.00121BTC, which is acting as a hurdle for an upside move. The main reason for it acting as a resistance is this week’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx). It is acting as a barrier along with the 23.6% Fib retracement level of the last decline from the 0.00136BTC high to 0.0016BTC low.

So, if there is a break above the highlighted resistance area, it may open the doors for a recovery. The next resistance on the upside could be around the 100 hourly simple moving average. The stated SMA is also aligned with the 50% Fib retracement level of the last decline from the 0.00136BTC high to 0.0016BTC low. So, it can be considered as a sell area at 0.00126BTC.

Hourly MACD – The MACD is about to change to the bullish zone.

Hourly RSI – The RSI is attempting to break the 50 level, which is a positive sign.

Major Support Level – 0.00116BTC

Major Resistance Level – 0.00121BTC

 

Charts courtesy – SimpleFX

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