- Ethereum classic price consolidating for some time against the Bitcoin breaks a short-term support area.
- Yesterday’s highlighted bullish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) was broken to ignite a downside move.
- The broken trend line support at 0.00121BTC may now act as a resistance.
Ethereum classic price once again failed to retain the bullish momentum against the Bitcoin, and moved down below the 0.00121BTC support area.
Ethereum Classic Price Resistance
ETC price again failed to climb higher, as the 0.00127BTC resistance against the Bitcoin proved crucial and pushed the price down. During the downside move, the price broke the 50% Fib retracement level of the last wave from the 0.00116BTC low to 0.00127BTC high. The price also cleared a couple of important support levels around 0.00121BTC to open the doors for more losses.
First, yesterday’s highlighted bullish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) was broken. Second, the price also settled below the 100 hourly simple moving average. The price after the break traded as low as 0.0018BTC where it found buyers and started to correct higher. It is currently facing sellers near the 23.6% Fib retracement level of the last decline from the 0.00127BTC high to 0.00118BTC low. However, the most important resistance is around the broken trend line at 0.00121BTC.
The stated level is also positioned with the 100 hourly simple moving average, and the 38.2% Fib retracement level of the last decline from the 0.00127BTC high to 0.00118BTC low. So, we can say that the 0.00121BTC is a major resistance area, and may provide offers in the short term.
Hourly MACD – The MACD is currently in the bearish zone with no signs of a recovery.
Hourly RSI – The RSI is bouncing from the oversold readings, but remains below the 50 level.
Major Support Level – 0.00118BTC
Major Resistance Level – 0.00121BTC
Charts courtesy – SimpleFX