- Ethereum classic price traded further lower against the Bitcoin and broke the last low of 0.00106BTC.
- The price is currently recovering, but facing sellers near a bearish trend line formed on the hourly chart (data feed via Simplefx) of ETC/BTC.
- A break above it may initiate further recovery in ETC in the short term.
Ethereum classic price formed yet another low against the Bitcoin, and it looks like ETC/BTC downtrend is still intact.
Ethereum Classic Price New Low
ETC price continued to trade lower against the Bitcoin, and also broke yesterday’s low of 0.00106BTC. A new low was formed in ETC/BTC at 0.00104BTC, as the price attempted a move towards 0.00100BTC. There was a consolidation phase earlier, which later paved the way for another decline in ETC. The price is currently recovering, and trading just above the 23.6% Fib retracement level of the last decline from the 0.00114BTC high to 0.00104BTC low.
The pair is currently facing sellers near a bearish trend line formed on the hourly chart (data feed via Simplefx) of ETC/BTC. The trend line resistance is important, as the last swing low of 0.00106BTC is also around the same area. So, it may act as a major hurdle for the ETC buyers. Moreover, the 100 hourly simple moving average along with the 38.2% Fib retracement level of the last decline from the 0.00114BTC high to 0.00104BTC low is sitting just above it.
So, it holds a lot of value. At the same time, if the ETC buyers manage to break it, then the chances of further recovery might increase. If you are a buyers, look for a break above the highlighted resistance area.
Hourly MACD – The MACD is currently in the bearish zone, but showing signs of a slope change.
Hourly RSI – The RSI has just moved above the 50 level, which is a positive sign.
Major Support Level – 0.00104BTC
Major Resistance Level – 0.00107BTC
Charts courtesy – SimpleFX