- Ethereum classic price formed a new weekly low against the Bitcoin, and traded as low as 0.00146BTC.
- Yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) acted as a resistance and pushed the price down
- The price remains at a risk of further declines, and may trade towards 0.00145BTC.
Ethereum classic price declining streak continued yesterday against the Bitcoin, but the downside momentum was not on the higher side.
Ethereum Classic Price Decline
There was no respite for ETC Classic price, as it continued to decline against the US Dollar and Bitcoin. There was a minor correction in ETC/BTC yesterday, but it was stopped near the 23.6% Fib retracement level of the drop from the 0.00161BTC high to 0.00148BTC low at 0.00151BTC. Moreover, it can be clearly seen from the hourly chart of ETC/BTC (data feed via Simplefx) how yesterday’s highlighted trend line resistance acted as a resistance.
There were 4-5 attempts to break the highlighted trend line and resistance, but the ETC buyers failed to break it. The price moved down, and formed a new weekly low of 0.00146BTC. Now, the price is once again correcting higher, but may face sellers near the same trend line. Moreover, the 23.6% Fib retracement level of the drop from the 0.00161BTC high to 0.00148BTC low at 0.00146BTC low may also act as a resistance along with the trend line.
On the downside, a break below the 0.00146BTC may be on the cards for at least a test of 0.00145BTC. In my view, the price is prepared for further declines, and it won’t be easy for buyers to push the price higher for a recovery.
Hourly MACD – The MACD is in the bearish zone with no signs of a recovery.
Hourly RSI – The RSI is well below the 50 level, and heading down further.
Major Support Level – 0.00145BTC
Major Resistance Level – 0.00149BTC
Charts courtesy – SimpleFX