- Ethereum classic price struggle to recover continued against the Bitcoin, and as it traded down further.
- There was an expanding triangle pattern formed on the hourly chart of ETC/BTC (data feed via Simplefx), which was broken during the recent downside break.
- The price is now well below the 0.00200BTC support, which may now act as a resistance.
Ethereum classic price traded down further versus Bitcoin. ETC broke a major support area and now may decline further.
Ethereum Classic Price Support Break
Ethereum classic price was seen consolidating above the 0.00198BTC support versus the Bitcoin, and there was a minor recovery. However, the upside recovery failed, as the price moved down sharply to set a new low. The price broke the pivot level of 0.00198BTC, which may now act as a major resistance area. It’s important to note that the price broke an expanding triangle pattern formed on the hourly chart of ETC/BTC (data feed via Simplefx).
The highlighted break was crucial and may call for more declines in the near term. It looks like the ETC sellers enjoyed taking the price down. The price traded as low as 0.00187BTC, and currently attempting a recovery. An initial resistance is at 23.6% Fib retracement level of the last drop from the 0.00205BTC high to 0.00187BTC low.
However, there is a chance that the pair may extend the current correction phase. In that case, the upside may find sellers near the 0.00198BTC resistance. The stated level also coincides with the 50% Fib retracement level of the last drop from the 0.00205BTC high to 0.00187BTC low. So, one may consider selling near the stated level with a stop on a close above 0.0020BTC.
Hourly MACD – The MACD is strongly placed in the bearish zone, calling for more losses.
Hourly RSI – The RSI is around the oversold readings, which may produce a minor correction.
Major Support Level – 0.00198BTC
Major Resistance Level – 0.00208BTC
Charts courtesy – SimpleFX