- Ethereum classic price continued to weaken and formed a new low for the week against Bitcoin.
- This week’s highlighted connecting bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) continue to act as a barrier and preventing gains.
- The price may remain under a bearish pressure as long as the highlighted trend line resistance holds.
Ethereum classic price moved down below 0.00260BTC and currently recovery. However, it remains below an important resistance of 0.0030BTC.
Ethereum Classic Price Resistance
Ethereum classic price moved down further versus Bitcoin and broke yesterday’s low. A new low below 0.00260BTC was formed, and it looks like the price is under a bearish pressure. As mentioned, this week’s highlighted connecting bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) played a major role. It stalled the upside move in ETC and pushed it down.
The price traded as low as 0.00258BTC where the bulls appeared and currently attempting a recovery. The pair is currently trading near the 23.6% Fib retracement level of the last drop from the 0.00308BTC high to 0.00258BTC low, which is acting as a resistance. However, the most important hurdle on the upside remains the bearish trend line. Moreover, the 100 hourly simple moving average is also on the upside aligned with the trend line.
So, there is a crucial barrier for the buyers on the upside around the 0.00280BTC. Only a break above it could take the price towards the 50% Fib retracement level of the last drop from the 0.00308BTC high to 0.00258BTC low. In my view, there can be more losses in ETC as long as the price is below 0.00280-300BTC.
Hourly MACD – The MACD is currently attempting to move from the bearish to bullish zone.
Hourly RSI – The RSI is below the 50 level, which is a negative sign.
Major Support Level – 0.00258BTC
Major Resistance Level – 0.00280BTC
Charts courtesy – SimpleFX