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Key Highlights
- Ethereum classic price declined further against the Bitcoin, and almost tested the 0.00100BTC support.
- A new low was formed at 0.00107BTC before the price started a recovery.
- There was a bearish trend line on the hourly chart (data feed via Simplefx) of ETC/BTC, which was broken during the recent recovery.
Ethereum classic price after trading as low as 0.00107BTC started a recovery, but remains in the bearish zone and may continue to weaken.
Ethereum Classic Price Failed Recovery?
There were clear chances of more declines in ETC price against the Bitcoin. The price did broke the last swing low of 0.00114BTC and traded as low as 0.00107BTC. The stated level acted as a support. There were many attempts to break it, but the ETC sellers failed to clear it. So, there was no real test of the 0.00100BTC level. The price started a recovery, and broke the 23.6% Fib retracement level of the last decline from the 0.00125BTC high to 0.00107BTC low.
During the upside move, it also broke a bearish trend line on the hourly chart (data feed via Simplefx) of ETC/BTC. However, the upside move found sellers near the 100 hourly simple moving average. The 38.2% Fib retracement level of the last decline from the 0.00125BTC high to 0.00107BTC low also acted as a resistance. The price is once again struggling and it looks like it may decline one more time.
A retest of the last swing low of 0.00107BTC is very likely, and if sellers gain control this time, a break is also possible. Let us see if we can witness a test of the all-important 0.00100BTC or not in the short term.
Hourly MACD – The MACD is currently in the bullish zone, but slowly reducing the slope.
Hourly RSI – The RSI is currently flat and still above the 50 level.
Major Support Level – 0.00107BTC
Major Resistance Level – 0.00114BTC
Charts courtesy – SimpleFX
