- Ethereum classic price finally made a new low and broke the most awaited target of 0.00100BTC.
- This is a new bearish trend line formed on the hourly chart (data feed via Simplefx) of ETC/BTC, which is currently acting as a resistance.
- The price is also below the 100 hourly simple moving average, which is acting as a hurdle for the buyers.
Ethereum classic price moved below the 0.00100BTC support area, and currently recovering. Can ETC/BTC gain further in the short term?
Ethereum Classic Price Resistance
ETC price finally moved down and created a new monthly low versus the Bitcoin. I was looking for a move towards 0.00100BTC this past week, and the price finally tested it. It not only tested it, but also broke it for a downside move. There was a new low of 0.00092BTC formed before the price started recovering. The price traded higher and moved towards the 0.00110BTC area where sellers appeared and pushed the price down.
The 200 hourly simple moving average acted as a resistance and prevented further gains in ETC. There was a downside move below the 50% Fib retracement level of the last wave from the 0.00092BTC low to 0.00111BTC high. The price also moved below the 100 hourly simple moving average, which is currently acting as a resistance. If the current market sentiment is to be considered, then there is a resistance at 0.00100BTC, and the ETC bulls may struggle.
There is also a new bearish trend line formed on the hourly chart (data feed via Simplefx) of ETC/BTC. So, the trend line along with the 100 hourly simple moving average may continue to act as a resistance.
Hourly MACD – The MACD is currently in the bearish zone, but attempting a recovery.
Hourly RSI – The RSI is just below the 50 level, and making an attempt to break it.
Major Support Level – 0.00095BTC
Major Resistance Level – 0.00105BTC
Charts courtesy – SimpleFX