Key Highlights
- Ethereum classic price continues to remain under pressure versus Bitcoin and may head down.
- Yesterday’s highlighted bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx) continued to act as a resistance.
- There is a possibility of a test of 0.0020BTC in the near term in ETH/BTC.
Ethereum classic price is facing sellers on the upside versus Bitcoin, and it looks like ETC may decline further in the near term.
Ethereum Classic Price Resistance
Ethereum classic price yesterday made one more attempt to recover against Bitcoin, but it failed. My yesterday’s highlighted bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx) remained in action. It acted as a perfect resistance area, and represented as a barrier for the bulls. The price failed to break the trend line resistance currently trading in a tiny range.
We need to note another important point. The ETC/BTC pair also failed to break the last low of 0.00208BTC. So, there is a slight chance of a recovery as well in the near term. On the upside, the trend line holds the key. Moreover, the 23.6% Fib retracement level of the last drop from the 0.00236BTC high to 0.00208BTC is also around the same trend line resistance.
So, we can say that the price is trading below a major resistance area, and above a crucial support. In my view, there is a chance of a spike towards the 0.0020BTC where the bulls may appear. If there is a close above the trend line resistance, then a test of the 50% Fib retracement level of the last drop from the 0.00236BTC high to 0.00208BTC is possible.
Hourly MACD – The MACD is currently in the bearish zone, but may move into the bull’s area.
Hourly RSI – The RSI is still struggling to break the 50 level.
Major Support Level – 0.00208BTC
Major Resistance Level – 0.00215BTC
Charts courtesy – SimpleFX
