- Ethereum classic price moved down further versus Bitcoin and registered a new weekly low of 0.00268BTC.
- Yesterday’s highlighted connecting bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) acted as a perfect resistance.
- Selling rallies can be opted as long as the price is below the 0.0030BTC level.
Ethereum classic price continued to move down versus BTC, and currently looks poised for further losses in the short term.
Ethereum Classic Price Decline
Ethereum classic price faced a lot of heat recently against Bitcoin, as it traded lower. I mentioned yesterday that there is a chance of more downsides in ETC/BTC. The price did move down during the past 24 hours. Earlier, there was a minor upside, but it was stopped near a major resistance. Yesterday’s highlighted connecting bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) prevented gains and acted as a resistance.
The price traded as low as 0.00268BTC and currently consolidating losses. On the upside, an initial resistance is around the 23.6% Fib retracement level of the last drop from the 0.00308BTC high to 0.00268BTC low. However, the most important resistance is around the highlighted trend line resistance. The 100 hourly simple moving average is also aligned around it. Furthermore, the 38.2% Fib retracement level of the last drop from the 0.00308BTC high to 0.00268BTC low is also positioned.
So, there is a major resistance formed near 0.00285BTC. If the price corrects higher from the current levels, then there are chances of it finding sellers. On the downside, a break below 0.00268BTC could take the price further lower may be towards 0.00250BTC.
Hourly MACD – The MACD is currently in the bearish zone, and calling for more losses in the near term.
Hourly RSI – The RSI is well below the 50 level, which is a bearish sign.
Major Support Level – 0.00268BTC
Major Resistance Level – 0.00285BTC
Charts courtesy – SimpleFX