Key Highlights
- Ethereum classic price started correcting lower yesterday against the Bitcoin, but failed to stay above a major 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 break.
- The broken support at 0.00130-2BTC may now act as a resistance in the short term.
Ethereum classic price completed the recovery phase, and it looks like ETC broke the bullish trend for a move back towards 0.00120BTC.
Ethereum Classic Price Downside Move
There was a minor downside move in ETC price yesterday, and was seen approaching a major support area versus the Bitcoin. There was a possibility of it gaining bids near yesterday’s highlighted bullish trend line on the hourly chart of ETC/BTC (data feed via Simplefx). However, the ETC buyers failed to hold the downside move, and as a result, the price moved down.
There was a break below the highlighted trend line and support area. Moreover, the price also moved down below the 50% Fib retracement level of the last wave from the 0.00111BTC low to 0.00145BTC high. Not only this, the price also closed below the 100 hourly simple moving average. These are not good signs for the people looking to buy Ethereum Classic. The price is currently gaining bids near the 61.8% Fib retracement level of the last wave from the 0.00111BTC low to 0.00145BTC high.
So, there is a chance of a minor upside move in ETC/BTC. However, the upside move may be limited, as there is a bearish trend line formed on the same chart, waiting to act as a resistance. Moreover, the 100 hourly SMA at 0.00130-32BTC may also act as a hurdle.
Hourly MACD – The MACD is now in the bearish zone, and calling for more weakness.
Hourly RSI – The RSI is well below the 50 level, and signaling bearish continuation.
Major Support Level – 0.00124BTC
Major Resistance Level – 0.00132BTC
Charts courtesy – SimpleFX
