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Ethereum Classic Price Technical Analysis
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ETH Classic Price Tech Analysis – ETC/BTC Almost Tested 0.00100BTC

Aayush Jindal by Aayush Jindal
6 years ago
in Cryptocurrency news, Technical analysis
Reading Time: 2 mins read
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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.

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Ethereum Classic Price Technical Analysis

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.

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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

Tags: ETCETC to BTCethereumEthereum ClassicEthereum Classic PriceEthereum Classic Price Technical AnalysisOpinionpricetrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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