Key Highlights
- Ethereum classic price moved down against Bitcoin and my idea of selling worked well.
- There is now a bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), which is currently acting as a resistance.
- There are chances of more declines in ETC as long as it is below the trend line.
Ethereum classic price declined further versus Bitcoin and traded as low as 0.00208BTC where somehow buyers managed to protect losses.
Ethereum Classic Price Decline
Ethereum classic price failed to gain momentum this past week against Bitcoin and declined. I was looking for more declines and presented an idea of selling rallies. It did work very well, as the price dropped and traded as low as 0.00208BTC. The 38.2% Fib retracement level of the last drop from the 0.00248BTC high to 0.00218BTC low acted as a resistance and pushed the price down.
Moreover, there is a new bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx). It also acted as a resistance zone and prevented an upside move. Last but not the least, the 100 hourly simple moving average on the upside is also a major hurdle for the ETC buyers. Currently, the price is correcting, but facing sellers near the 23.6% Fib retracement level of the last drop from the 0.00236BTC high to 0.00208BTC.
However, the most important resistance is near the trend line. It may continue to act as sell zone. It won’t be easy for the ETC buyers to push the price above it. On the downside, a crucial support lies at 0.0020BTC, as it acted as a hurdle for sellers on many occasions.
Hourly MACD – The MACD is placed in the bearish zone, and signaling no positive sign.
Hourly RSI – The RSI is struggling to break the 50 level, which may ignite a downside move.
Major Support Level – 0.00208BTC
Major Resistance Level – 0.00220BTC
Charts courtesy – SimpleFX
