Key Highlights
- Ethereum classic price extended its downside move, and almost tested our long waited target of 0.00100BTC.
- Yesterday’s highlighted bearish trend line formed on the hourly chart (data feed via Simplefx) of ETC/BTC acted as a resistance at 0.00108BTC and pushed the price down.
- The price remains at a risk of more declines in the short term as long as below 0.00108BTC.
Ethereum classic price declined towards 0.00100BTC, and it looks like the bearish pressure on ETC/BTC is here to stay.
Ethereum Classic Price Decline
ETC price failed to recover intraday against the Bitcoin and the US Dollar, and declined further. There was a minor rise in ETC/BTC towards the 0.00106-108BTC levels where the sellers appeared and protected an upside move. The best part was yesterday’s highlighted bearish trend line formed on the hourly chart (data feed via Simplefx) of ETC/BTC. It acted as a perfect barrier at 0.00108BTC and pushed the price down.
There were other reasons as well for the recent rejection. The 100 hourly simple moving average was also positioned near it along with the 38.2% Fib retracement level of the last decline from the 0.00114BTC high to 0.00104BTC low. The price declined below the last low of 0.00104BTC, and almost tested the all-important 0.00100BTC support.
A new weekly low was formed at 0.00101BTC where the buyers are attempting to stop the downside. Any correction from the current levels may find sellers near the same trend line resistance area, Moreover, an initial resistance is at the 23.6% Fib retracement level of the last decline from the 0.00114BTC high to 0.00101BTC low. Selling rallies may be opted in the short term with stop above the trend line resistance.
Hourly MACD – The MACD is strongly placed in the bearish zone, calling for more losses.
Hourly RSI – The RSI is well below the 50 level, which is a bearish sign.
Major Support Level – 0.00100BTC
Major Resistance Level – 0.00106BTC
Charts courtesy – SimpleFX
