Key Highlights
- Ethereum classic price remained under a lot of bearish pressure against the Bitcoin during the past few weeks.
- Looking at the 4-hours chart of ETC/BTC (data feed via Simplefx), the pair is under heavy selling pressure, and may extend its downside move.
- As mentioned yesterday, there is even a chance of a move towards the 0.00100BTC support.
Ethereum classic price may remain in a downtrend against the Bitcoin, as even the higher time frame charts are turning bearish at the moment.
Ethereum Classic Price Decline
ETC price was bearish throughout this week against the US dollar and Bitcoin. Every minor attempt of recovery found sellers on the upside. There was a decline in the market sentiment and buying interest for the ETC, which resulted in a price drop. We have been analyzing the hourly chart lately, so today I decided to show a few things on the 4-hours chart of ETC/BTC (data feed via Simplefx).
It clearly shows how the price was weakened, and faced selling pressure. There is a bearish trend line formed on the chart, which is acting as a resistance. Every time there was a minor recovery, sellers appeared and pushed the price down. Recently, the price traded as low as 0.00111BTC, and it looks like the sellers are not done yet.
There is a possibility that the price may clear the recent swing low and test the 0.00100BTC support area. On the upside, the trend line and the 23.6% Fib retracement level of the drop from the 0.00155BTC high to 0.00111BTC low may continue to act as a resistance. Only a close above it could call for a substantial recovery.
4-hours MACD – The MACD is strongly placed in the bearish zone, calling for more losses.
4-hours RSI – The RSI is well below the 50 level, signaling seller’s strength.
Major Support Level – 0.00100BTC
Major Resistance Level – 0.00120BTC
Charts courtesy – SimpleFX
