Key Highlights
- Ethereum classic is making a lot of noise from the past couple of days, as there were a few swing moves in ETH/BTC.
- The ETC/BTC price went from a low of 0.0006BTC to 0.0048BTC high, but failed to retain traction.
- There was a contracting triangle pattern formed on the 30-min charts of ETH/BTC, which was cleared to open to the doors for a downside move.
Ethereum classic price may have tempted a few investors, but in my view, it must get stable first before putting money into it.
Ethereum Classic Price Sell
Ethereum classic price ETC was in the news recently for many reasons. It posted a nasty rise during the past couple of days and then traded down. It climbed from a lot of 0.0006BTC to 0.0048BTC high, and then declined below 0.0030. In my view, the recent decline extended too far too soon. So, there lies a chance of a ride higher before we can see yet another decline.
During the downside move, the price broke a couple of important support levels. First, a contracting triangle pattern formed on the 30-min charts of ETH/BTC was cleared. Second, the price also closed below the 100 hourly simple moving average. So, there are a lot of signs suggesting that the price may come under a bearish pressure in the near term.
I feel, there should be one final show before bulls call it off. There can be a 5-wave pattern from the highs, which means a move towards 0.0030BTC is possible. However, I would suggest not to bet too much too soon in ETC, as the charts are currently all over the place.
Hourly MACD – The MACD is in the bearish zone, which is a bearish sign.
Hourly RSI – The RSI is just moved below the 50 level, suggesting more declines.
Major Support Level – 0.0020BTC
Major Resistance Level – 0.0030BTC
Charts from Poloniex; hosted by Trading View
