Key Highlights
- Ethereum classic price extended its downside move, which was initiated yesterday against the Bitcoin.
- Yesterday’s highlighted bearish trend line on the hourly chart (data feed via Simplefx) of ETC/BTC, acting as a resistance area.
- On the downside, the recent low of 0.00112BTC may act as a support area in the short term.
Ethereum classic price remained under the bearish pressure, and the downside pressure initiated yesterday got more traction intraday.
Ethereum Classic Price Decline
I highlighted in yesterday’s post how a bearish trend was initiated for ETC price versus the Bitcoin. The price did trade further lower, and broke the last low of 0.00114BTC to create a new low of 0.00112BTC. During the downside move, the price was seen correcting higher on a couple of occasions. However, it faced a major resistance in the form of a bearish trend line on the hourly chart (data feed via Simplefx) of ETC/BTC.
The same trend line was highlighted in yesterday’s post, and it may continue to play a major role in the short term. On the upside, an initial hurdle at the moment is around the 23.6% Fib retracement level of the last decline from the 0.00125BTC high to 0.00112BTC low. It looks like the price is looking for a test of the 0.00111BTC support area. It is a major pivot area, and it won’t be easy for sellers to break it.
If the ETC buyers need to take charge, then they need to clear the trend line resistance. A break above it could push the price towards 0.00118BTC. It represents the 50% Fib retracement level of the last decline from the 0.00125BTC high to 0.00112BTC low, and is the next major resistance.
Hourly MACD – The MACD is slowly reducing the bearish zone, and may move into the bullish area.
Hourly RSI – The RSI is currently flat, but below the 50 level.
Major Support Level – 0.00112BTC
Major Resistance Level – 0.00115BTC
Charts courtesy – SimpleFX
