- Ethereum classic price traded down once again versus Bitcoin, but somehow managed to find bids at 0.0035BTC
- There is a crucial bearish trend line formed on the 30-min chart of ETC/BTC (data feed via Simplefx), which is preventing the upside break.
- The price is also below the 100 simple moving average on the same chart, acting as a resistance.
Ethereum classic price found bids one more time near 0.0033-35BTC. Can ETC buyers succeed in taking the price higher in the near term?
Ethereum Classic Price Resistance
Ethereum classic price ETC after finding sellers near yesterday’s highlighted resistance area of 0.0038BTC traded down. However, the downside move was limited, as the last swing low of 0.0035BTC once again acted as a support area and protected loses in ETC/BTC. The price is once again trading higher, but facing sellers near the 0.0036-38BTC resistance.
There is also a crucial bearish trend line formed on the 30-min chart of ETC/BTC (data feed via Simplefx), which is acting as a hurdle for an upside move. Moreover, the 23.6% Fib retracement level of the last drop from the 0.0046BTC high to 0.0033BTC low is still in play and acting as a resistance along with the same trend line. The last but not the least, the 100 simple moving average is just above the trend line resistance. So, we can say that there is a monster barrier for the ETC buyers on the upside at 0.0036-38BTC.
Only a break above it could take the price higher towards 0.0045BTC. On the downside, we need to keep a close eye on the last swing low of 0.0033BTC as a support zone.
30-min MACD – The MACD may change the slope to the bullish zone, but lags momentum.
30-min RSI – The RSI is about to move below the 50 level, which is a bearish sign.
Major Support Level – 0.0033BTC
Major Resistance Level – 0.0038BTC
Charts courtesy – SimpleFX