- Ethereum classic price once again lost the plot against the Bitcoin, and started trading lower.
- The ETC/BTC pair broke a major support area at 0.00118BTC on the hourly chart (data feed via Simplefx) of ETC/BTC, which may ignite further losses.
- If ETC price correct higher from the current levels, then the same level may now act as a resistance.
Ethereum classic price fell during the past 12 hours and broke a major support area, suggesting a change in bias from bullish to bearish.
Ethereum Classic Price Resistance
Yesterday, I highlighted a monster trend line resistance on the 4-hours chart (data feed via Simplefx) of ETC/BTC. It looks like it acted as a major barrier and prevented an upside move. The price started facing sellers once again, and moved down. During the downside move, there was a break below a crucial support area at 0.00118BTC, which means the price is now in the bearish zone.
If the price corrects higher in the short term, then the same level may now act as a resistance. An initial hurdle on the upside is around the 23.6% Fib retracement level of the last decline from the 0.00125BTC high to 0.00114BTC low. However, the next one is important at 0.00118BTC, as it also coincides with a bearish trend line formed on the hourly chart of ETC/BTC.
Moreover, the 38.2% Fib retracement level of the last decline from the 0.00125BTC high to 0.00114BTC low is also positioned near it. So, it looks like the recent break was crucial and may ignite further declines. And, if there is a correction, the broken support at 0.00118BTC may act as a resistance and a sell zone.
Hourly MACD – The MACD has sharply moved into the bearish zone, calling for more losses.
Hourly RSI – The RSI has reached the oversold readings, but with no sign of a recovery.
Major Support Level – 0.00114BTC
Major Resistance Level – 0.00118BTC
Charts courtesy – SimpleFX