- Ethereum classic price moved down against the US Dollar just as I anticipated yesterday.
- Yesterday’s bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) played well and pushed the price down.
- The price is currently struggling and looks set for more losses in the near term.
Ethereum classic price faced a lot of sellers during the past few hours, and my view of staying bearish on ETC/BTC played well.
Ethereum Classic Price Trend Line Resistance
Ethereum classic price stayed in a bearish territory against the US Dollar, and moved down. The price traded below the 0.0030BTC level yesterday, as forecasted. If you sold recently, then I think it’s time to take partial profits, and rest can be covered once we have one more push down. The price traded as low as 0.0029BTC and may attempt to recover in the short term.
Yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) is still in play. It pushed the price down yesterday, and at the moment acting as a barrier for the ETC buyers. Moreover, the 23.6% Fib retracement level of the last drop from the 0.00344BTC high to 0.00294BTC low is also above the trend line. So, there is a major resistance forming on the upside, and it won’t be easy for buyers to break it.
In my view, if the ETC continues to find bids near the 0.0030BTC support, then there is a chance of a recovery in the near term. So, one should not get aggressive in selling it. The next stop on the upside could be around the 0.0032BTC.
Hourly MACD – The MACD is in the bearish zone, but may change slope moving ahead.
Hourly RSI – The RSI is below the 50 level, but currently attempting to break it.
Major Support Level – 0.00300BTC
Major Resistance Level – 0.00320BTC
Charts courtesy – SimpleFX